Mammoth AwardsSection 8 is an option, but if you don’t know how it works, you may never take advantage of its helpful vouchers. We’ll explain the application process so you can make affordable rent a reality soon.
When it comes to reducing your rent so you can finally start saving money for an emergency fund or other purposes, your options may seem slim. You may feel like you’re all alone and that the only ways to make things better are to:
- Get a higher-paying job.
- Work extra hours.
- Get a second job.
- Work a side gig.
- Sell some of your stuff.
- Get a loan from friends or family.
- Downgrade to a less desirable living situation.
None of those options are necessarily easy, and the last one may be downright dangerous, especially if you have a family to protect.
What’s an option not listed above that could be your best bet for cheaper rent? A housing voucher from the Section 8 program. How can it reduce your rent? By paying a portion of it every month, so you only have to pay the remainder.
If this sounds too good to be true, it’s not, as Section 8 is a popular government assistance program that’s been around for years. To help you see how it works so you can hopefully participate, here are some Section 8 basics worth knowing:
1. You have to qualify for a voucher based on several factors.
Section 8 was created to help low-income applicants meet their housing needs. As such, several factors are used to determine who is approved for a voucher, such as:
- Citizenship
- Income
- Family size
Your household can only bring in a certain amount of income to qualify for Section 8. This is often less than 50 percent of the median income for the area.
2. A Public Housing Agency (PHA) will analyze your eligibility.
The PHA is who you’ll apply through, and they’ll also verify your information to decide on your eligibility for a voucher.
For this reason, it’s a good idea to discover your PHA now by going here and contacting them as soon as possible to begin your Section 8 application.
3. Section 8 vouchers take time.
If you need extra motivation to contact your PHA now, let it be this: A voucher may take years to process.
Section 8 is extremely popular since it makes rent so affordable. That’s why it’s not uncommon for a waiting list to take years to complete. Keep this in mind if you’ve been putting off your Section 8 application for a while now. The sooner you start, the quicker you can enjoy reduced rent.
4. Section 8 vouchers offer flexibility.
Have you avoided Section 8 because you think it forces you to live in a government building? If so, know that such is not the case.
In fact, you can pick the property, which can result in you moving into an apartment, townhome, or single-family home. As long as it meets Section 8 standards, you’ll be good to go.
