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As a landlord, one of your biggest priorities will be to find tenants to fill your properties and pay you rent each month. But finding reliable tenants can be difficult. When you own rental properties, you run the risk of having them sit empty for periods, which is depriving you of much-needed income.
Becoming a Section 8 landlord is one way of ensuring that you've always got a pool of tenants from whom you'll receive a steady payment each month. If you're a rental property owner in Chicago, and you'd like to become a Section 8 landlord, there's a certain process you'll need to follow.
This guide will take you through how. Read on for all the steps you'll need to take to start finding Section 8 tenants today.
What Is Section 8?
Section 8 is a shortened name for Section 8 of the Housing Act of 1937. Ushered in by President Franklin Roosevelt, Section 8 is a law designed to help those from low-income households to be able to rent liveable properties at a fair price.
Under Section 8, a partial rent subsidy is administered to private landlords by the government, with the tenants paying the rest. It is also known as the Housing Choice Voucher Program.
Section 8 in Chicago
Regulations of the act vary from state to state. In Chicago, the program is overseen by two authorities: the Chicago Housing Authority and the Housing Authority of Cook County. These entities assess the incomes of applicants to the program to determine the value of the vouchers they should be receiving.
It should be noted that there are laws in place in Chicago that make it illegal to discriminate against anyone based on the source of their income. This means that even if you don't opt-in, you're prohibited from rejecting a Section 8 tenant based solely on the fact that they're part of the program.
How to Become a Section 8 Landlord
In Chicago, it's not necessary to officially register as a Section 8 landlord, but doing so can help you find tenants more quickly. To register, you'll need to contact the public housing agency that oversees the area your property is in. If you're working with the Chicago Housing Authority, you'll be able to post your properties online with their help.
You should also advertise your apartment in newspapers and online yourself, making sure to highlight the fact that you accept Housing Choice Vouchers. After you've done this, you'll have a large pool of tenants to choose from.
When you've screened and chosen your tenants, you'll need to fill out a Request for Tenancy Approval form. Then, the relevant housing authority will come and inspect your apartment or house. You'll need to uphold certain standards if you want to be approved as a Section 8 household.
Navigating Section 8 as a Chicago Landlord
If you want more steady rent and a larger pool of tenants, then becoming a section 8 landlord is something you should seriously consider. With just a few simple steps, you'll be able to help those from lower-income households and make sure your properties are always full. If you need help with this or any aspect of Chicago real estate, give us a call today.
