As promised (http://section8facts.wpengine.com/2013/07/26/still-waiting-…natives-coming/), here is the first alternative to Section 8 benefits.
We all know how hard it is to obtain a section 8 voucher these days. Even though the need is great, the actual numbers of vouchers available nationally pales in comparison to the number of applications. And with the number of applications increasing at a MUCH greater rate than vouchers becoming available, long wait times are sure to continue.
So what are your options if you’re one of the thousands still waiting for a voucher? How about SECTION 42!
That’s right, Section 42 is a little known government program. Unlike Section 8 which was created and administered by Housing and Urban Development (HUD), this program was created by the Internal Revenue Service (IRS) and is administered by the state housing financing agencies.
Basically, Section 42 is like Section 8 for houses! The owner(s) of the building can get their complexes certified as a Section 42 building. That means the landlord gets a tax break in return for keeping the rents below fair market value and renting to low income families. While these building do accept Section 8, you DO NOT HAVE TO HAVE A VOUCHER to reap the benefits of the low rent.
As with all federal/state programs, there are very strict, specific guidelines on who qualifies as “low income” for these Section 42 buildings. Also – it can be hard to find listings for buildings like these.
Stay tuned to section8facts.com for further information regarding this great Section 8 alternative! And don’t forget to sign up for our newsletter. As promised, anyone who was signed up already received this information in their emails this morning so they could be the first to read about Section 42!