Section 8, or the Housing Voucher Program, provides affordable housing for low-income US residents, including the disabled and the elderly. This support comes in the form of a subsidized monthly rental fee for an apartment in the US. This is an important program of the federal government.
Who is eligible for this program?
All necessary information regarding tenant and landlord eligibility can be determined by the US Department of Housing and Urban Development. Eligibility for the Section 8 voucher program takes into account:
-Gross total income: This must be less than 50% of the average income for the district or metropolitan area
-Nationality (limited to US citizens and some non-US citizens who have qualified for immigrant status)
-PHA has 75% off coupons in the district for families whose income is not more than 30% of the average income in the district.
How does it work?
Grants from local municipal housing agencies relating to market fair rents in this area. This is calculated from the difference between 30% of household income and the payment standard set by the PHA, which is 80 to 100% of the market rent. This amount is paid to the homeowner.
As a tenant, if you choose a house that rents higher than the market rent, then you will have to pay the difference. If the rental price is lower than the fair market rental price, you can save the difference. The monthly rent must be on par with the unsubsidized rentals in the neighborhood.