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Hi all! I'm new here and have just spent the past hour trying to navigate and comb through this site to get some answers to my questions. My husband and I own a modest 3 bedroom home in Spring Valley, NY (Rockland County). We have since moved and now live in Nanuet. We did not sell our first home and in fact wanted to rent it out. Well, I told my co-worker about this, just in passing, and she asked me if I would be willing to rent to a very close friend of hers who happens to have section 8. I've worked with this woman for 15 years and she is also my friend so I told her I would talk to my husband and think about it.
My problem is that I don't know enough about section 8 to make a sound decision. My husband says he doesn't care, just as long as the rent is paid but...I don't know. I haven't advertised the apartment as we still need to renovate and such. I want to give everyone a deserving chance but my issue with section 8 is this: would I be locked down as a section 8 landlord if I do this? I mean, what if I find that I don't like dealing with section 8 as a whole? Also, can anyone tell me what section 8 considers fair market to meet HUD guidelines in Rockland County are? This family is coming from White Plains, NY (Westchester) and my co worker says that they allow families with section 8 to rent 3 bedroom apartments for about $1600 but says that it may be less for Rockland. Honestly, I had planned on renting it out for about $1650 but I can't see offering it for less than that...
If anyone has any insight on this, I would greatly appreciate it. I am too nervous to call section 8 and inquire because as I've said before I just don't know how I feel about all of this yet.
Section 8 housing is a rental assistance program for low/moderate income people that enables them to rent decent housing that they probably couldn't afford otherwise. Some people who are in it are on welfare but most are not. Properties have to meet minimum standards, but you are not locked into only accepting Section 8 tenants. I think you have to come to an agreement with the Section 8 tenant just like any other prospective renter and then your property is inspected. I also believe properties are supposed to be inspected annually to be sure they remain in decent condition.
Seems like there is a contact person who could answer all your questions in depth through your counties Section 8 program. Each county has it's own rules and regulations.
One woman on the LI board had been a Section 8 landlord. In her situation, the program paid a certain percentage of the rent, while the tenants paid the balance. Some tenants weren't very good about paying the balance. Others damaged the house, refused to pay their share, and then reported her for having issues with the rental. You're beholden to a government program as long as you're accepting Section 8.
These prospective tenants might be a friend's friend, but they're still strangers to you. Do you know who their landlord in White Plains is so that you might follow up and see what kind of tenants they've been?
Are you dependent upon the rental income? If the tenant decides not to pay their share, can you get by paying taxes & homeowners insurance on a fraction of the rent?
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