**Disclaimer** Section 8 is different in other areas of the country. I’m writing only about my experience in Hillsborough County, FL.
What is it?
This is taken directly from the Tampa Housing Authority’s website:
“Our Agency promotes the development and professional management of a variety of affordable housing opportunities, facilities and supportive services to nurture neighborhoods, provide economic development and self-sufficiency activities for residents while also assuring equal access to safe, quality housing for low and moderate income families throughout the community.”
Simply stated, it’s a government program (funded federally, run by the state) that pays some or all of a tenant’s housing expenses.
The rent money is deposited into my account every month. Really.
That’s right, the rent money is deposited into my bank account at the beginning of each month. This magic happens regardless of whether the tenant’s brother’s dog got sick, the child support didn’t come, his aunt’s BFF lost her job or any manner of other excuses to explain why rent cannot be paid. The agency is paying, not the tenant.
Section 8 tenants are highly motivated to care for the property.
The Tampa Housing Authority has only 5,209 vouchers to award within the county. That’s it. That means there are a ton of people who want to be part of the program and are not. Last I heard, the waiting list was 5-6 years long. For this reason, when Section 8 tenants are awarded vouchers, they hold on tight.
The tenant will do everything possible to be in compliance with Section 8 requirements and retain the voucher. Most importantly to me, this means my property is treated well. To this day, I’ve never had to kick out a Section 8 tenant. In fact, most of them are all too happy to renew when their lease expires.
Watching my tax dollars at work makes me smile.
I have to admit, paying my taxes each year is a bit easier knowing that Uncle Sam will be using the funds to help my properties cash flow. Stroking that check is a little less painful with this in mind.