In 2019, renters accounted for 36% of US households. So, you might be interested in becoming a Section 8 landlord. Becoming a Section 8 landlord in Hampton Roads, VA, provides an opportunity to make a positive impact on the community while ensuring a steady rental income.
Section 8, also known as the Housing Choice Voucher Program, assists low-income individuals and families in finding safe and affordable housing. Find out about the process of becoming a Section 8 landlord in Hampton Roads, VA below.
Understand the Section 8 Program
Start by familiarizing yourself with Section 8 laws. Research the U.S. Department of Housing and Urban Development (HUD) website and learn about the program's guidelines, regulations, and obligations for landlords.
Gain a comprehensive understanding of the program's purpose, tenant eligibility criteria, and the role of landlords in providing affordable housing.
Contact the Local Public Housing Authority (PHA)
Reach out to the local Public Housing Authority in Hampton Roads, VA, responsible for administering the Section 8 program. Inquire about their application process, eligibility requirements for landlords, and the availability of rental assistance vouchers.
The PHA will guide you through the application process and provide the necessary information to get started. If you're a new landlord, they can be very helpful throughout the process.
Prepare Your Property
Ensure your property meets the Section 8 program's housing quality standards (HQS). The PHA will inspect the property. They'll want to see your property complies with health, safety, and quality standards.
You'll need to deal with any repairs or improvements that might be necessary. This will help improve your chances of being approved.
Determine Rent Amount
Work with the PHA to determine the appropriate rent amount for your Section 8 property. The rent should be within the program's limits. It must also be comparable to similar properties in the area.
The PHA will consider factors such as location, size, and amenities. This helps them when determining the rental value.
Sign a Housing Assistance Payment (HAP) Contract
Once your property passes inspection and the rent amount is established, you will sign a HAP contract. You'll do this through the PHA.
This contract outlines the terms and conditions of participation in the Section 8 program. These terms include the rent payment process.
They also outline the responsibilities of the landlord and tenant. The terms will also show the duration of the contract.
Advertise Your Property
Advertise your rental property as available to Section 8 voucher holders. List your property with the local PHA. Then utilize other rental listing platforms to attract potential tenants.
These tenants must be eligible for Section 8 assistance. Ensure your rental listing clearly states that you accept Section 8 vouchers.
Tenant Screening and Selection
Make sure you screen your tenants thoroughly. This means you'll find reliable tenants who'll stick to the lease terms. Conduct background checks, income verification, and reference checks.
Section 8 tenants get rental assistance. But this doesn't mean you shouldn't take your time with selecting the right person or people.
Maintain Ongoing Compliance
Section 8 landlords must keep up-to-date with the program compliance requirements. They must respond quickly to any maintenance requests. Landlords must also adhere to leasing agreements and stay in communication with the PHA.
It's important to know the rules and regulations of being a Section 8 landlord. Doing so means you'll have a positive effect on your tenants.
Know How to Become a Section 8 Landlord
Becoming a Section 8 landlord in Hampton Roads, VA, is an opportunity to contribute to affordable housing in the community while ensuring a stable rental income. By understanding the program you can participate in the Section 8 program and provide safe and affordable housing to those in need.
Remember, ongoing communication, thorough tenant selection, and attentive property management are key to a successful and rewarding experience as a Section 8 landlord in Hampton Roads, VA. Learn more about being a landlord by contacting us here.