Anyone out there have any experience renting SEC 8 in IL? I have a 3bd 1.1 bath in ELGIN IL and am trying to figure out exactly what SEC 8 will pay me every month in case my tenant doesn't.....Help?
The Section 8 program is administered by the Housing Authority Of Elgin. They are located at 120 S State Street. Call them at (847) 742-3853 and ask for a landlord orientation kit. You can also ask what their allowable rent would be for a 3BR in the Section 8 program.
Normally, Section 8 is operated on a voucher system. The tenant is required to pay some portion of the rent, but no more than 30% of the tenant's available income. The tenant is given a "voucher" for the remainder of the rent to be paid by the Housing Authority.
You get a check for a portion of the rent directly from the tenant, and you get another check from the Housing Authority for the rest of the rent. If the tenant fails to pay their portion of the rent, the Housing Authority does not make up the difference.
If the tenant becomes unemployed and has no direct income, then the Housing Authority may decide to cover the entire rent under their voucher.
Allowable rents are established by local area market surveys. While you are free to charge any rent you may wish, the Section 8 allowance may be less. If you are still willing to participate in the program, your property must also pass a health and safety inspection.
The Section 8 program is administered by the Housing Authority Of Elgin. They are located at 120 S State Street. Call them at (847) 742-3853 and ask for a landlord orientation kit. You can also ask what their allowable rent would be for a 3BR in the Section 8 program.
Normally, Section 8 is operated on a voucher system. The tenant is required to pay some portion of the rent, but no more than 30% of the tenant's available income. The tenant is given a "voucher" for the remainder of the rent to be paid by the Housing Authority.
You get a check for a portion of the rent directly from the tenant, and you get another check from the Housing Authority for the rest of the rent. If the tenant fails to pay their portion of the rent, the Housing Authority does not make up the difference.
If the tenant becomes unemployed and has no direct income, then the Housing Authority may decide to cover the entire rent under their voucher.
Allowable rents are established by local area market surveys. While you are free to charge any rent you may wish, the Section 8 allowance may be less. If you are still willing to participate in the program, your property must also pass a health and safety inspection.