Posted by evelyn (FL) on March 21, 2001 at 17:35:50:
a government program that assists low income individuals pay rent. Tenansts who qualifiy receive Section 8 (rental assistance) from the local HUD office. You, section 8, and the tenant sign a one year lease, if your unit is approved and meets THEIR FMV. You collect a deposit from the tenant, they move in, and in about two months you receive a rent check from the day they moved it. And checks come monthly after that. Some tenants pay a portion of their rents, some do not. Section 8 may pay it all. Depends on the tenant’s income and family size.
When you see an ad that says “section 8 accepted,” it means the owner is willing to rent to a section 8 tenant. Depending on where you are, if you have property and are willing to rent to a section 8 tenant, your property will not stay vacant long. My area, Central Florida, is BEGGING for owners to rent to Section 8. Just wish I owned some property…free and clear!!! Section 8 has its pros and cons, though.
Hope this explains things to you. If not, e-mail me and I’ll try to help more.