Nope, that is not really how it works. The numbers that you pulled off the FMV list are the fair market value's of rent in that area. A Sect 8 voucher will pay that amount, minus all utilities that are not deemed as luxury (no cable or phone), and minus a given percentage of the tenents adjusted gross monthly income - which would go to the landlord every month. I live in TN, and the FMV for a 2 br is around 650. But, most Sect 8 duplex's or houses usually get $550 rent.
Well, I think I found my answer...lol
I found a document called "Fair Market Rents 2004 on the www.huduser.org website. I don't think I can post the link...yet.
This is the info it gives for Indianapolis:
0BR $393
1BR $492
2BR $592
3BR $741
4BR $830
So I could feasibly charge $800-850 for a 3 BR Section 8 unit? The state will pay up to $741 and the tenant will make up the difference?
If this information does not match someone's explicit knowledge on the subject, please let me know and don't let me go on in ignorance. Thanks!
posherov
Nope, that is not really how it works. The numbers that you pulled off the FMV list are the fair market value's of rent in that area. A Sect 8 voucher will pay that amount, minus all utilities that are not deemed as luxury (no cable or phone), and minus a given percentage of the tenents adjusted gross monthly income - which would go to the landlord every month. I live in TN, and the FMV for a 2 br is around 650. But, most Sect 8 duplex's or houses usually get $550 rent.