Do you know whether the Section 8 program is right for you? For tenants, it makes a prospective place more affordable. For landlords, it provides a new source of secure revenue for their apartment rentals. Here are some factors to consider before accepting or rejecting potential tenants holding these and other housing vouchers.
Section 8 & The Housing Choice Voucher Program
Section 8 is a federal housing program providing rent subsidies and utility assistance for individuals with low or moderate incomes. In Colorado, the program is called The Housing Choice Voucher Program.
Under Section 8 and Colorado’s voucher program, a government agency pays the tenant’s rental subsidies directly to the landlord, which ensures on-time payment of a substantial portion of the monthly rent. Subsidies are based on the difference between the rent cost and a percentage of the tenant’s household adjusted gross income.
Tenants sign one-year contracts that are renewable if the landlord and tenant remain in good standing with the Colorado Division of Housing. Tenants must give 30 days’ notice before leaving, and can only move once within a 12-month period. If the total amount of rent is more than the subsidy, the landlord and tenant can contract for the tenant to pay the difference.
Section 8 does not pay security deposits, which leaves landlords to make those arrangements directly with their tenants or waive the deposits. Owners or their management team must maintain their property and set rental rates according to the program standards. Apartment rental units under Section 8 must pass an annual review and inspection for landlords to remain eligible to participate.
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