Massachusetts-Based Affordable Housing Developer Involved in the Acquisition, Development Real Estate Asset Management of LIHTC Properties. Real Estate Investor, real estate, affordable housing developers, affordable housing, real estate asset management, Section 8, real estate, affordable housing developer, LIHTC.
Section 8 of the Housing Act of 1937 ("Law") allows the federal government to enter into contracts with various organizations. To help pay the monthly rent of thousands of families. A recent estimate was close to five million families are helped. All of the following programs are managed by the Department of Housing and Urban Development (HUD):
- Project-based Section 8 contracts
- Project-based vouchers
- Housing Choice Vouchers
This Law has been amended several times since 1937 to better match the evolving needs of the public.
The housing choice voucher program provides "tenant-based" rental assistance. It is issued to the tenant, not the landlord. As a result, a tenant can move from one unit with a minimum level of housing quality to another. And take their assistance with them. It also allows holders to apply their monthly voucher towards the purchase of a home. The current maximum allowed voucher is $2,000 a month.
The Law also authorizes a variety of "project-based" rental assistance programs. The landlord agrees to reserve units in a building for low-income tenants. The federal government will then guarantee to supplement the difference between the tenant's contribution and the agreed upon rent in the owner's contract. Hence, a tenant who leaves one of these properties using this specific program will lose access to the project-based subsidy.
CPA, Section 8, real estate management, affordable housing developers
The Department of Housing and Urban Development (HUD) and the Department of Veterans Affairs (VA) have jointly created a program called Veterans Affairs Supportive Housing (VASH). The program issues approximately 10,000 vouchers per year at a cost of roughly $75 million per year to eligible veterans. This program can be combined with other federal and state housing programs to help end homelessness for our country's veterans.
The reality of this subject is there is not nearly enough funds to address all of the low income housing needs in this country. As a result, these programs are a great help to millions of people. But much more is needed. Maybe a solution will be found soon.