Section 8 is a program of assistance provided to families and low-income individuals by the United States Department of Housing and Urban Development known as HUD.
This funding program helps people from low-income groups to find an apartment or house for themselves. The amount of income required to qualify for Section 8 apartments varies from state to state and is usually indexed to the median income in a given area.
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In general, your income should be less than 50% of the income for the area where you plan to rent an apartment. While at the local level several government organizations administer these apartments and some define apartment rentals in Section 8 as housing, Section 8 is broadly controlled by the federal government and regulated by HUD.
The special thing about apartments in Section 8 is that you only pay as much as you can afford, the rest is paid for by the federal government.
The entry into the 8-apartment system is a boon for both landlords and tenants. We already know the positive aspects for tenants, now we can understand how good it is for landlords.
1. Payment of rent on time.
2. Guaranteed income
3. Landlords usually get good tenants due to the long waiting time during which appropriate checks are carried out.
4. Landlords receive their rents at market rates.