I see lots of rental ads in the paper that have this. What is it? Thanks.
2007-02-20 09:31:09 · 7 answers · asked by Special Ed 5 in Business & Finance ➔ Renting & Real Estate
Section 8 is mentioned because the rental property is eligible (in condition) to be rented using HUD funding and rental assistance for the underpriveledged.
Through the local housing authority, you can apply for assistance with your rent. So, this means that this house can be rented by someone who is receiving Section 8 funding through the local housing authority and Section 8 is the federal statute that allows for HUD funding to funnel down to these underprivledged persons.
2007-02-20 09:39:32 · answer #1 · answered by psoup 3 · 0⤊ 0⤋
Section 8 refers to a Department of Housing and Urban Development (HUD) regulation number. The focus of the section is to lay out parameters under which low-income renters and purchasers can rent or buy property. There is a provision that offers specific subsidies for landlords who reduce rents to qualifiers under this regulation. So when you see an ad promoting "Section 8", you can be assured that the owner of the property has applied for and receives rent subsidies from the federal government.
2007-02-20 17:41:07 · answer #2 · answered by Jay S 3 · 0⤊ 0⤋
Section 8 IS a qualification listing for HUD (Housing & Urban Development). These properties have been presented by their owners for rental with HUD support.
The listing is so that a person that is Section 8 Qualified, will know that their application can be used.
2007-02-20 17:39:44 · answer #3 · answered by whatevit 5 · 0⤊ 0⤋
It is help to pay rent for low income families...I was recently approved and was able to obtain a home for my girls and I that I normally couldn't afford...right now we are living in a one bedroom trailer and we don't have water if the temp outside goes down below 32 that I pay $300/mo for...with section 8 I was able to get a home with 3 bedrooms for $500/mo, but I still pay $300/mo and the Housing Authority pays the rest for me...I'm still responsible for my own utilities, but the help on rent is a BIG help.
2007-02-20 17:39:50 · answer #4 · answered by Shannon M 3 · 0⤊ 0⤋
Section 8 refers to people that receive guaranteed money from the government to make renting affordable. It guarantees the landlord/owner a certain dollar amount from the government. It is generally for low income families.
2007-02-20 17:38:05 · answer #5 · answered by dan a 2 · 0⤊ 0⤋
I love these answers- here's mine: Section 8 is a government program whereby you and I and other taxpayers are forced to pay the rent for people that don't want to pay their own rent themselves. Sweet deal, huh? Personally, I'm looking for that government program that requires other people to make the payments on that Mercedes I've always wanted but don't want to pay for- any volunteers?
2007-02-20 19:29:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It's low income housing offered by the government based on your wages. Sometimes, it's free.
2007-02-20 17:36:16 · answer #7 · answered by mzindica 4 · 0⤊ 0⤋