New Twist on Government Assisted Section 8 Housing
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New Twist — Converting Foreclosed, Investor-Owned Single Housing into Government Assisted Section 8 Housing Rentals Including Some Up-Scale Properties
The avalanche of investor-owned housing being created by record foreclosures, as reported in this Wall Street Journal article, presents a challenge to the owners in how to rent in an over-supplied market including up-scale properties not typically associated with subsidized housing.
Section 8 Housing was created in 1974, and the $18.1 billion annual program run by the Department of Housing and Urban Development currently assists 2 million households ($9,050 per household served on average). Households generally spend no more than 30 percent of the income on rent. A Web Site, www.gosection8.com provides both landlords and prospective tenants the ability to list and rent, respectively, from an inventory of properties.
The latest U.S. Census Bureau’s report on housing vacancy rates found a staggering 10.6 percent of all rental housing vacant in the second quarter of 2010—more than one in ten rental units.