Millions of Americans live in Section 8 housing all around the country, making the demand for these units high no matter where you are. Boise landlords may be interested in taking up Section 8 housing in the coming months.
But how do you become a Section 8 landlord in Boise? What does Section 8 fully entail and how does it all work?
That's what we're here to look at today. Read on to find out more about how you can become a Section 8 landlord in Boise.
What Is Section 8 Housing?
Section 8 refers to a housing program established in the 1970s to help low-income, disabled, and elderly residents find a home. It's run by the Department of Housing and Urban Development or HUD.
The Section 8 program was codified through the Fair Housing Law and continues to provide affordable housing to this day. While it shares similarities with public housing programs, it runs a little bit differently.
How Section 8 Works
Section 8 housing works by using vouchers that cover about 70 percent of a tenant's monthly rent. The rest is covered by the tenant who owns that voucher.
In Boise, the price of specific housing units has to fall within a range that's determined by HUD. A HUD representative also has to check the property to see if it fits Section 8 guidelines.
For property owners, a local public housing authority (PHA) ultimately approves a specific property for Section 8 status. Different tenants can move into and out of that property, as vouchers are linked to the property.
Tenants and landlords often contact their local PHA to learn more about Section 8 housing in the area. Since there are plenty of offices in Boise and the rest of Idaho, finding a PHA shouldn't be a hassle.
How to Become a Landlord for Section 8 Housing
Now that we know how Section 8 works, let's look at how you can become a Section 8 landlord. Believe it or not, doing so is quite simple.
If Boise tenants who own a voucher from HUD want to rent your property, the local PHA will come to your property for approval. Once approved, you'll fill out some paperwork to receive payments from HUD.
Once that's complete, you're on your way to becoming a Section 8 landlord. Keep in mind that in this case, you're only a Section 8 landlord for as long as the tenant in question stays at your property.
If you want to register your property as Section 8, you'll need to contact your PHA. Your local Boise PHA has guidelines that all Section 8 properties must follow. They'll send an inspector to see if your property is right.
Once approved, you'll fill out some W9s and other paperwork to receive rent payments. After that, you'll either wait for rental requests or go out there and look for prospective tenants on your own!
Understanding the Role of a Section 8 Landlord
Section 8 housing is always in high demand, and Boise landlords are in a prime position to provide these units to those in need. Use this guide to help you understand how to become a Boise Section 8 landlord today!
Are you looking for property management services in the Idaho Falls and Boise areas? Contact us today and we'll get you started on a solution right away!