Do I quality for Section 8 assistance?

Question

I've got a considerable amount of money in the bank, but I'm unable to find a job, and I've been searching for a year straight. I was wondering if I could still quality for Section 8 assistance to help with my rent?

Answer 1

No. If you have more than $2500 in the bank, you generally do not qualify for welfare benefits, and that includes Section 8.

Answer 2

I can only discuss project-based Section 8 assistance.

First, a job is not a requirement of the Section 8 program. In fact, the program does not have a minimum income requirement. A household may have zero income and yet qualify for assistance.

In the project-based Section 8 program, some of the basic requirements are as follows:

1. A household cannot receive more than the maximum income limit based on its family size, the geographical location of the site, and the income limit percentages that apply to the specific property.

2. The assisted unit must be the household's only residence.

3. Households are required to disclose all sources of income and assets and sign required consent forms.

4. Households must meet the owner's screening criteria (e.g., credit/criminal checks, sex offender registration check, etc.)

5. The site must have an apartment of a size that can accomodate the household. For example, a site with a maximum of two-bedroom apartments cannot house a family of six individuals. This applicant would be automatically rejected.

There are some other program eligibility criteria as well. Ask management to see a copy of its Tenant Selection Plan (which they're required to provide upon request) to see all of the criteria you will need to meet.

Your bank account may or may not be a factor. It simply depends upon the cash value of the account. Assuming you have a savings account, owners are required to take the current balance and multiply it by the interest rate to determine the annual income from the asset. Depending on how much income is yielded by the asset, the amount will simply be included in your annual income calculation. If the interest income is extremely high it may push your total household income above the applicable income limit. I've personally never seen in Section 8 an asset that generates that much income.

By the way, HUD requires owners to include in annual income the greater of the actual interest income (cash value of account multiplied by the interest rate) or, if the cash value of the asset is over $5,000 (i.e., the current balance of your savings account is over $5K), owners are required to impute income from the asset at 2% (i.e., savings account balance x 2%). Whichever amount is higher will be used in the income calculation.

One more thing- don't be so quick to dump your assets before your eligibility interview. If you dispose of any asset for less than fair market value and the difference between the fmv and the amount received is $1K, you are required by HUD to disclose that information to management, which will ask you to fill out a form to identify any assets disposed of for less than fair market value. And, the amount is to be included in your income calculation for the next two years.

I hope this helps.

Answer 3

sec 8 is not limited to just those that are on disability or are retired on a limited income, heck more than 75 % of those would probably qualfy if they knew better, instead, they live month to month on meeger earnings they get from the government that they busted there butts for to provide the kids a better life. sec 8 is for all low income people and there is a waiting list for housing everywhere in the u.s. that you would not let a dog live in. the program is so underfunded,
undercontrolled and mismanaged it is a joke. then there are the housing authorites or county run entity that works with the federal government the level even further down. dang, i'm sorry to vent, but this was the first question i have come across about this situation. to answer the question, if you have enough income in any form it will be considered in the amount that you pay for rent, which due to the area, is based on full market rent for the area. which may be higher than a luxuery apt. in the area. isn't government fun?

Answer 4

Sorry but the other guy doesn't know what he is talking about. I am not disabled or elderly and I got section 8. I think he is correct in the fact that you could not get it if you have savings. I had to take a note to my bank and have an official fill it out for them. Would be a bit unfair to get if you have a considerable amount of savings wouldn't it?

Answer 5

Well, if your child is 5 now and you are looking into keeping your assistance until your child is a teenager, it makes people think you want housing for 10 + years. Basically you are saying, I get a lot of free rent from the tax payers. I am going to not do anything over the next 10 years to try and get any new skills so, I no longer need this free rent. When your child is in school, you can work full time. There is no reason you need to expect to be in subsidized housing for 10 years. Nobody is telling you to leave your child alone. Don't be silly. That is what childcare is for.

Answer 6

You will probably not qualify for assistance with 'a considerable amount of money in the bank.'

Sec 8 was not designed to protect your savings while you search for employment.

Answer 7

Sorry section 8 is for people on disability, or retired with a limited income. It goes by your income and you are not allowed to have very much in the bank. The government expects you to live off your savings until you find employment. Elderly people usually have nothing when they qualify for section 8 other than theri furniture and keepsakes and a very limited income. If you have 1,000 a month income your rent could be 1/3 of that.

Answer 8

Take the money out of the bank first. They are going to want to see all assetts, including bank statements.