The city of Harrisburg is committed to providing affordable housing for increasing numbers of residents by carefully the $8 million awarded under President Biden's American Rescue Plan.
Most of these efforts are centered on refurbishing existing buildings to accommodate families needing acceptable accommodation. Harrisburg residents can also take advantage of regular Section 8 housing vouchers to ensure they have a roof over their heads.
The Section 8 program allows eligible residents to apply for assistance paying for private housing and government-owned homes. As a Harrisburg landlord, you can contribute to these efforts by offering your rental unit to these tenants, provided you comply with Section 8's rent reasonability criteria.
Read on to find out if this worthwhile initiative can work for you.
What Is Section 8 Housing?
In Harrisburg, Pennsylvania's Section 8 housing program is administered by the Housing Authority of the County of Dauphin. It provides housing vouchers to worthy tenants who need assistance paying their rent.
Prospective tenants can apply to the housing authority to receive these vouchers if they:
- Meet income eligibility criteria
- Meet the program's definition of 'family'
The housing provider only screens tenants in terms of the above qualifications during the Section 8 rent process. Landlords must perform additional background checks according to Fair Housing Standards.
Anyone who owns a rental unit in Harrisburg can become a Section 8 landlord if they're approached directly by tenants or by contacting the housing authority.
Affordable Housing Guidelines
Landlords must also meet certain Section 8 eligibility criteria if they want to benefit from this initiative. Firstly, they must submit to regular inspections to ensure their property meets local building standards.
Secondly, they must meet the HUD's definition of fair market rent (FMR).
FMR calculations involve calculating the 40th percentile of gross rents in a community based on rental analyses of 1-, 2-, and 3-bedroom houses less than two years old.
The housing authority allocates vouchers according to a payment standard for each area. The payment standard equals between 90% and 110% of FMR.
Why Become a Section 8 Landlord?
Renting your investment property to Section 8 tenants has several benefits for landlords. These are:
Guaranteed Income
Under the Section 8 housing program, the housing authority pays up to 30% of the tenant's rent with housing vouchers. This means you're guaranteed at least 70% of your rent every month.
Good Tenants
Section 8 tenants must meet certain standards to retain their benefits under this program. That means they're inclined to take good care of your property and pay their portion of the rent on time every month.
If they don't comply, they could lose access to their housing vouchers.
Low Vacancy Rates
Due to the scarcity of Section 8 housing, these tenants are highly likely to renew their leases. If they don't, there's always another family ready to take their place, eliminating the need for ongoing rental marketing.
Reap the Benefits of Affordable Housing in Harrisburg, PA
Having Section 8 tenants in your Harrisburg property offers significant benefits for Harrisburg landlords and can alleviate the stress caused by costly rental vacancies.
Hiring an experienced property management team makes this process even more hassle-free. Hometown Property Management can help you navigate the intricacies of being a Section 8 landlord by assisting with rent calculations and property inspections.
Our range of services includes everything you need to manage your properties most effectively, and we are committed to the ongoing satisfaction of our landlords and residents. Sign up for success as a Harrisburg landlord today.
