Did you know that over 1 million Americans rent section 8 housing? Section 8 housing is an important program for all Americans, including North Carolina residents. It's a crucial way to get affordable and safe housing for all.
But what exactly is section 8? And which section 8 rules should landlords know before taking these properties on?
That's what we're here to look at today. Read on to find out more about section 8 facts in North Carolina and beyond.
What is Section 8?
Section 8 is a housing program that's run by the federal government aimed at providing affordable and safe housing for low-income families. It gets its name from Section 8 of the United States Housing Act of 1937.
The Housing Act authorized housing for low-income residents. The Section 8 program is now known as the Housing Choice Voucher Program, though many still know it by its original name.
Section 8 is a little different from public housing in that it lets low-income families rent properties. These properties are ones authorized by a local public housing agency.
Selecting a Section 8 Tenant
If you're a Section 8 landlord, understand that tenants are subject to the same standards as any other tenant. The Section 8 offices diligently perform background checks for all applicants.
Income is often the most important part of selecting a Section 8 tenant.
Those earning 30% of North Carolina's median income qualify here. That means if the median income is about $70,000, the qualifying Section 8 income level is about $21,000.
Section 8 tenants also need to be citizens or naturalized residents in the state of North Carolina. Only one person needs to meet that citizenship requirement to secure a property.
There are also criminal background checks for each potential tenant. If someone has a drug offense charge, for example, they will be denied. Other criminal charges are judged on a case-by-case basis.
Approval By Section 8
Section 8 properties need to be approved by the Section 8 office before they can be leased to others. You'll need to provide the address for the property, the rent you're proposing, and the utilities that are included.
There are also annual inspections and performance standards that Section 8 properties need to meet. Things like sanitation, security, and air quality are just some of the things inspectors look at when assessing your property.
Other Important Things to Know
Section 8 tenants have most of their rent paid for, but not all of it. In most situations, they pay their security deposits out of pocket as well. This means landlords need to collect these payments on a regular basis.
Since Section 8 properties are overseen by public housing agencies, landlords need to act on maintenance requests and other issues promptly. If you want to increase rent, you'll also have to go through the Section 8 office.
You can only raise rent about once a year. The amount you're charging can't be more than other comparable units you're managing as well.
Section 8 Rules in North Carolina
Whether you're looking at Section 8 rules or qualifications, there are plenty of things to keep track of as a North Carolina Section 8 landlord. Use this guide to help you understand section 8 rules and how they apply to you.
Looking for property management services in the Greensboro/Triad North Carolina area? Contact us today and we'll get in touch with you as soon as we can!
