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Becoming a Section 8 landlord is something that some rental property owners shy away from. But in actual fact, it offers many benefits—both to landlord and tenant. It gives you a wider pool of people with which to fill your properties and what's more, it provides you with a steady stream of rental income from a reliable source.
If this all sounds like good news to you, and you'd like to help an individual or family who's struggling to find affordable housing, then opting to turn your property into Section 8 housing is a great way to do so. In Denver, there are certain rules you'll need to follow and criteria you'll need to fill in order to do this. Let's take a look at what these are now.
What Is Section 8 Housing?
You're probably familiar with the term Section 8 housing already, but how much do you know about it? Also known as the Housing Choice Voucher Program, Section 8 utilizes government funded housing to accommodate those that struggle to find an affordable place to live.
It's a program that has a certain stigma surrounding it, but it's one that has changed the lives of countless people for the better. Some examples of the types of people who may avail themselves of Section 8 housing include the elderly, low-income families, and veterans.
Section 8 housing programs are government-run but administered through local private housing authorities (or PHAs). This is who you'll need to liaise with to get started in this program.
Becoming a Section 8 Landlord in Denver
So, if you're a property owner in Denver, what are the steps you'll need to take in order to sign up as a landlord for the Housing Choice Vouchers Program? Your first port of call will be figuring out who your relevant PHA is. You'll probably be able to find this out with a bit of online digging. Most likely, you'll be dealing with the Denver Housing Authority.
On the website of the DHA, you'll find a form for potential landlords to download. You'll need to fill this out and return it to the DHA. It will ask questions about your property and the rent you charge.
If your application is successful, a member of the authority will come and inspect your property. Section 8 laws dictate it must meet certain standards. It needs to be a comfortable, safe, and proper place to live.
If you're accepted to become a Section 8 landlord, you'll need to maintain these standards as long as you're a part of the program. There may also be other terms you agree to when you sign your lease.
An Amazing Opportunity For Your Rental Property
Open up your property to a larger tenant pool and begin helping those in your community today by becoming a Section 8 landlord. If you'd like more information on this topic or help with any aspect of being a Denver rental property owner, we'd be happy to help. Get in touch with us to discuss our services now.
