Have you heard about the Section 8 program but you don’t know what that is? Read onward to understand what it is and how it can help you get a home faster than purchasing it on your own, especially if you don’t have the money to do so.
Basically, this is a program that was created so that it will pay the balance of a rent payment which exceeds around 30% of the renter’s monthly income. However, the unit has to be inspected and it also has to be approved by the local authorities. This is why most of the time the program is administered local and thus each location will have different preferences depending on various criteria.
Is there a difference between the project and tenant based Section 8 programs?
The tenant based Section 8 program is attached to the tenant, so when he moves, the program attaches to him, no matter the premise he is in. On the other hand, the project based Section 8 programs are attached more specifically to the properties, so if you do move to a property that participates in the program, you will get the financial assistance with the voucher, however when you move you won’t receive these benefits any more. The latter option is one of the most sought after, but as expected it does come with a long waiting list.
What do you need to qualify?
While there are multiple demands, most of the time the Section 8 program will require you to have less than 50% of the entire income range in the region, maybe even less than that. There are also a few other things that you need to take into account, but most of the time this ones are the most important.
How to apply?
You need to visit the local housing authority in order to get the best shot at this, but even if you comply with all the requirements, be prepared for a long wait as the process can indeed take a lot of time. It can bring great results though, so you should try to find an open waiting list that will show your progress and how much time you need to wait in order to get the outcome you want.
If you do get enlisted in Section 8, you can pay around 30% of the entire monthly rent, and that on its own can help you quite a lot.
If you are wondering how much will it take to access a Section 8 voucher, then you need to know that this might take quite a while, sometimes up to an year or even more, there are situations in which people had to wait around 6 years, so it’s a time consuming process.
However, Section 8 is indeed a program that you should get enlisted in, provided that you meet the requirements. It can help you quite a lot and at the end of the day it will make living with a low income a lot easier, which is very important.