According to a study by the national housing network Up For Growth, Charlotte needs over 21,000 units to address the city's shortfall of affordable places to live. Meanwhile, prices in the area are heading upward. Up For Growth's CEO says Charlotte's costs exceed the national average.
How could you provide decent housing at reasonable prices while making a profit? Do a rental analysis, and you will likely find that one answer is to convert your rental units into Section 8 property.
Keep reading to understand how the program works. We'll also tell you how to become a part of it.
A Quick Overview of Section 8
Section 8 is a longstanding program sponsored by the federal government. The objective is to help low-income citizens to pay rent for safe, decent housing.
The government requires a tenant to pay a certain percentage of the rent according to that person's financial situation. The government then pays the remainder, taking into consideration the rental valuation.
What is Potential Section 8 Property?
Any property you want to use for Section 8 has to meet the government's standards. It must be in a relatively safe location and satisfy local building codes.
Your local housing authority will conduct an inspection to verify the property's suitability. Contact your housing authority for the necessary paperwork to get your rentals on the list of potential properties. If your application receives approval, then your property will get an inspection.
The housing authority will ensure that moving into your rental unit will be a significant improvement for the tenant. So, it will make sure there are reasonable security devices. There should also be efficient heating and cooling and a modern kitchen and bathroom.
Who Are the Tenants?
If you pass the property inspection, you can inform the housing authority whenever you're ready to accept a tenant. But the agency won't send you just anyone. Instead, it screens its applicants. You'll only receive the names of those who pass the initial screening.
You reserve the right to perform a secondary tenant screening. You should take a deeper look at the background of your potential tenants. That's acceptable within the Section 8 program as long as you don't use any measure to discriminate illegally.
Once you find someone you'd like as a tenant, notify the housing authority of your selection. There will be more paperwork to complete to comply with the program.
The housing authority will request your lease agreement, tax information, and more data about the property.
Become Part of Section 8
Are you tired of seeing your properties lie vacant? Would you like to do your part to improve Charlotte's housing crisis? Help solve both problems by making your units Section 8 property.
But as your vacancies drop, who will manage your busy portfolio of real estate rentals? That's where we come in. We're leasing management experts.
We'll screen for suitable tenants to fill your properties and then manage those properties. If you have rental units in the Charlotte area that would be ideal for Section 8, contact us today. And benefit from our years of experience.