Statistics show that more than 80% of homes under section 8 earn less than $20,000 a year. Statistics also show that 3 million households are renting in section 8 residences.
Section 8 housing is something developed by the HUD. This was developed to help with subsidizing rental costs for tenants of lower income.
If you own rental properties, section 8 housing may be of interest to you. This can be a great option to expand your career in property management.
Keep reading to find out how to become a section 8 landlord.
Fill Out the Application
The first thing you need to do to become a landlord for section 8 housing is to fill out the application. You need to contact your local PHA for the necessary paperwork.
They will also be available to help you throughout the application process. You will need your personal identification and the location of your property.
You will also need to include the asking rent of your property on the application.
Have a Property Inspection
Section 8 in Texas requires a property inspection. This will be the next step of the process where your property will be inspected by housing authorities.
They will set up an inspection time and come to visit your property. It will need to meet housing quality standards to qualify as section 8 housing.
This will include things like sanitary facilities, sound structure, and plumbing. You will also need smoke detectors and locks on the doors and windows.
The requirements will depend on your local area and the houses there. Some inspectors may require heating or cooling systems to meet housing quality standards.
The most important thing is that the property meets health and safety standards. If you fail to do this, the results will either be a rejection or an inconclusive inspection.
Start Accepting Vouchers
The next step in this process will be to start excepting vouchers. You will only be able to do this if you pass the house quality standards with the inspection.
You will be given a list of income-qualified applicants for you to look over. You can review them to pick the applicants that meet your renter standards.
The qualifying applicants must meet a total annual gross income limit. The family's income cannot exceed 50% of the median income of where they currently live.
Keep in mind that this fluctuates by location as well as the size of the family.
Becoming a Section 8 Landlord
Section 8 in Texas can be a great option for landlords with rental properties. You can easily apply to become a section 8 landlord with just a few steps.
This can help you to open the door to a wider variety of renters without lowering your standards. You can still pick out your specific renters and charge the rent you desire.
Do you need help managing your rental properties in Texas? Contact us today at Fort Worth Property Management for management services for landlords.
