I have an offer on a HAP (Housing Assisted Program), that is 48 units. The property manager is leaving and I can’t seem to find another.
Does anyone know what I should be asking for when I interview these manager (if I find one).
Anything in Section 8 paperwork or rules, that I should beware of, or pay close attention to.
I have a section 8 duplex. Section 8 is actually very easy to deal with. Basically you don’t do anything. Whatever small paperwork they send you, just fill it out.
- The tenants have to have their finances reviewed every year (not your concern).
- The property is inspected once a year by a section 8 inspector to make sure it is up to code. You get a letter in the mail stating who is going to inspect the property. They come out and inspect it and tell you ok, or fix the broken whatever. Then you call him and say “I fixed the so and so” and he will come back out and approve what you fixed.
- Then you get a portion of the rent every month from section 8 and a portion from the tenant. The amounts of each check depend on the tenants finances. There are limits to what you can charge for rent, but they are pretty high limits, and vary depending on area.
That’s about all you need to know with Section 8.
Thank you for your responses.
Now is a Housing Assisted Program (HAP Building) the same as a Section 8 Building? There is an annual audit at $5,000 on this 50 unit building.
Expenses seem to be 65% and it’s a really clean building. I was told that if you slip on the paper you can lose your Section 8 right and the Government is NO longer issuing Section 8 . Any thoughts.
There isn’t a lot of paperwork. Everything I get is 1 or 2 pages long. I don’t need to really remember anything because when its time for an inspection they mail me a 1 page letter saying that we need to do an inspection. Other then the inspection, you get a notice saying that if you want to change the rent you need to give a 60 day notice.
I don’t know how inspections work with an apartment of 50 units. I don’t pay anything for the inspections for my duplex.
I have heard of many different spin offs of Section 8. I think what your talking about is basically the same.
A tenant pays 30% of their income toward rent, then section 8 pays the rest of the rent. So if the tenant makes $1,000 a month, they would be responsible for $300 of the rent. Section or spin off would pay the rest.
I have not heard that the Gov’t has stopped issuing Sec. 8. I’ve heard that there is a 4 year waiting list for a tenant to get on Section 8.