More than two million households nationwide receive federal subsidies to help cover rent costs. Section 8 housing is crucial to low-income families, as the subsidy covers more than half of their monthly rent payments. Not only is it essential for tenants, but section 8 housing is an excellent opportunity for landlords as well.
There are a few simple steps to becoming a landlord on the Orlando Housing Authority Section-8 Program. These steps must be followed to have your unit approved and your first Housing Assistance Payment (HAP) deposited in your bank account promptly.
STEP 1 - Complete a Property Form
You must fill out a proper form if you want to post a property with Orlando Housing Authority (OHA). it does not legally bind you into renting your unit to a Section-8 client as it is not a contract. This form simply states that you are well aware of the program, and if the right person contacts you then you will be willing to rent to them.
After completing the form you can post it to the nearby OHA office, most landlords start receiving calls 3 days after the list has been updated. However, the overburdened systems, extensive paperwork, and long waitlists can feel overwhelming therefore you can get some assistance from Property Management Orlando.
STEP 2 - Owner Screening
Start your screening process including background checks of the clients that contact you. The OHA only determines whether the family is eligible to receive the subsidy so it is up to you as the landlord to determine if the client is getting your unit or not. Request in writing to view their file and go through it thoroughly to check how many times they have been late paying the rent or caused any damages.
STEP 3 - Complete RFTA
After choosing the perfect tenant for your unit, the client and owner complete a form called Request For Tenancy Approval (RFTA). It is not a contract but simply states that after the thorough screening you have selected someone that would live in your unit.
STEP 4 - Unit Inspection
After completing RFTA the unit passes inspection the client may move into the unit on that day. As soon as the unit passes inspection the OHA will begin its subsidy payments if the tenant moves in that day. If the tenants move into the unit after the unit has passed inspection then the subsidy payments will be effective for the move-in date.
STEP 5 - Submitting LEASE Copy
A signed lease must be turned in to the OHA before you know what portion of rent the OHA will pay and what the tenant will pay. If it is not done promptly then it may delay your first HAP payment. When all the information is confirmed then the OHA will mail the landlord the HAP contract.
Also Read: Tax Benefits of Investing in Florida Real Estate
Conclusion
Section 8 helps the neediest citizens to increase access to decent and affordable housing. There are several responsibilities placed upon landlords, tenants, and local housing authorities to successfully comply with section 8 guidelines. These simple steps will help you understand the process of becoming a Section 8 landlord in Orlando.
