If you want to accept tenants with housing assistance, then you want to become a section 8 housing landlord. Becoming one has a number of pros and cons, but the two main reasons to go ahead with it include that you’re guaranteed at least a portion of the rent every month no matter what, and you’ll be helping people in need. If either of those sound like something that you would want for your rental property, then the following include the steps required to become a section 8 housing landlord in Sammamish.
Check Your Rent Rate
If you’re charging more than the average for an apartment or home of the same size for the area, then you will not qualify. Section 8 housing regulates how much you can charge for rent by mandating that you cannot charge more than other units in your area. This means that if you have more than one unit, you cannot charge the tenants with vouchers more, and your home has to be of comparable rent rate to nearby properties.
Inspect the Premises
One thing that you will have to do, and regularly, in order to be a section 8 housing landlord in Sammamish is pass inspections. Your first order of business before you apply for Section 8 housing should be to do an inspection to ensure that your unit holds up to the standards of the King County Housing Authority. You can get a checklist in the Housing Authority Handbook. Make any repairs and changes before you apply.
Once you think that your home will be accepted into the program, you can follow through with the application process. You can visit the King County Housing Authority to request the forms, or call them at 206-214-1300 to request them via mail. Their address is 700 Andover Park W., Tukwila, WA 98188. You need four forms, including the “Section 8 Landlord Certification”, a “Taxpayer Identification Number” form, a “Lead Based Paint” form, and if you’ve already found a tenant, a “Request for Tenancy Approval”.
Once you fill out the forms, the Housing Authority will schedule an inspection, and if your home is up to standards, you can begin to receive housing assistance vouchers for your tenants. Tenants pay 28-40% of the rent and utilities out of their own pocket, and the housing authority covers the rest, which means that you have most of the rent guaranteed each month.
In addition, you can list your approved homes and apartments on the Housing Authorities website, as well as a number of other website which list homes under Section 8. This means that you will be able to find tenants more easily.
Want to know more about becoming a section 8 landlord, or want someone to help you? A Sammamish property management company can ensure that the only thing you have to do is wait for your rent every month, because they will handle everything else, including tenant screening, maintenance, and paperwork.