Section 8 housing vouchers are just one of the federal government's many initiatives to lower housing costs for low-income citizens.
This program offers much-needed assistance to renters who can't afford to pay today's increasingly unaffordable rental costs, and it also offers several benefits for landlords. These include a guaranteed rental income and tenants who must take good care of your property or risk losing their vouchers.
If you'd like to enjoy the certainty afforded by renting your accommodation to Section 8 tenants, read on to find out how you can get on board.
Fill Out a Section 8 Property Form
You must register with the THA and complete the necessary paperwork first if you want to post a property with the Tampa Housing Authority. This form confirms your awareness of the program and your willingness to participate.
It does not force you to rent your home to a Section 8 client.
The THA only confirms the prospective tenants' eligibility for Section 8 housing. Each Section 8 tenant must provide a copy of HUD Form 52646, which is proof of their eligibility for the program.
You or your property manager must screen tenants and carry out background checks for each tenant. You can ask the THA for permission to view the tenants ' files, which have records of any lease violations.
Complete the RFTA
When you find a suitable tenant, both parties should fill out the request for tenancy approval form. After this, the THA will arrange to inspect the housing unit to ensure it meets the minimum requirements for Section 8 housing.
The unit inspection usually takes place within 14 days.
Section 8 inspectors visit your home to check that your investment property meets the minimum health and safety requirements. They will look for things like:
- Sanitary living conditions
- Structural soundness
- Functional plumbing
- Smoke detectors
- Minimum security features
Finally, the THA looks at the rental amount to determine whether it's fair. If the unit passes the inspection, and they're satisfied with the rental amount, you must submit a signed lease agreement to the THA.
Tenant Move-in and Payments
The tenant can move in on the same day that the unit passes the inspection. When the THA receives your lease agreement, they will send back a copy, which you must sign before you receive your first payment.
The THA will commence payments to the landlord from the day the tenant moves in, provided the unit has passed the inspection. If they move in earlier, they must pay the rent in full themselves.
Effortless Section 8 Management
Signing up with Arrico Realty and Property Management is your one-stop solution for everything to do with property management in Tampa, Florida. We can guide you through the process of becoming a Section 8 landlord, help you find tenants for your property, screen them effectively, and collect your rent on time.
If you're serious about making the most of your Tampa Bay investment property, it pays to have a team of experts on your side. Get in touch for assistance with all your property management needs in Tampa Bay, Florida.