Property Management-Turning Rental Problems into Real Estate Profits

by | Apr 6, 2023

What is Section 8?

Federally subsidized housing for low-income families and individuals, formally known as the Housing Choice Voucher Program.

Section 8 is a government program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments.

Section 8 program has nothing to do with the property. It is based on the actual tenant themselves. Section 8 refers to the tenant, not the property. If you go to your Web site, which is the Department of Housing and Urban Development, you can see how they describe the housing choice voucher program. It talks about what the housing choice vouchers are and the families who can apply to the program. There’s an application process they go through. Essentially, their family’s income may not exceed 50% of the median income for whatever area they’re living in. If median income is $20,000 in the county that they live in, then their income cannot exceed $10,000. If it does, they won’t be accepted into the program.

Learn more as Gary discusses in the video below:

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