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~~Section 8 Going Broke? ``` - Posted by Alexander Manuel
Posted by Alexander Manuel on July 12, 2004 at 03:13:43:
I was wondering if any of you have received any letters from your respective Section 8 office regarding the budget cuts for 2004?
I recently got one from Section 8 in Fort Pierce Florida indicating that they would not be honoring ANY rent increases due to the budget cuts. While visiting the Miami Dade Section 8 office, I learned that they would be letting go 20 people as a result of these cuts, and couldn’t help notice how quickly other offices are turning to rent abatements for the most mundane excuses.
Am I just paranoid in South Florida, or have any Section 8 Landlords elsewhere noticing a similar trend?
Alexander Manuel
Section 8 is Area specific - Posted by Sean
Posted by Sean on July 15, 2004 at 09:51:24:
Section 8 is a national program but it is administered by various Public Housing Authorities across the country… and they all operate a little differently. In my area, there are 2 Section 8 programs, the county and the City. If the property is in the City the tenant deals with CITY PHA, if its not you deal with County PHA… they are both seperate entities have their own seperate implimentation of the program etc etc etc…
In my Town the waiting list is up over 600 who have vouchers looking for homes. You can fill a property with Section 8 fast. The rents section 8 pays are more than fair for housing in your lower to middle neighborhoods… in fact honestly IMHO they create an artificial floor for housing costs, that hurts the working poor by inflating the low end. A good thing for a landlord, but a sucky think if you are working and making not a lot of money.
Frankly I don’t see Sec 8 going broke as a hugely bad thing, in fact its a good thing. Maybe not to landlords heavily dependent on it, but the less subsidizing of people who can and should be taking care of themselves is not a bad thing in the greater picture.
“You cannot strengthen the weak by weakening the strong. You cannot help the wage-earner by pulling down the wage-payer. You cannot help the poor by destroying the rich. You cannot help men permanently by doing for them what they could and should do for themselves.” – Abraham Lincoln
OH YEAH - Posted by Ryan_MO
Posted by Ryan_MO on July 12, 2004 at 14:42:48:
Its true, at least here in Missouri. Im having a hell of a time finding people with vouchers. There is a long waiting list, and its closed, with no new vouchers issued any time soon. And when there are new ones issued, its only like 10 at a time. They are telling me that their funding is and will be cut like 40%.
Thats my .02.
Re: ~~Section 8 Going Broke? ``` - Posted by Kristine-CA
Posted by Kristine-CA on July 12, 2004 at 10:28:09:
I think this is probably specific to each area. Here in my town, over a million dollars was returned to the feds of Section-8 $$ that went un-used. Section-8 rents aren’t anywhere near market values and most landlords are not interested in Section-8 tenants. There are people with vouchers and nothing for them to rent.
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Re: ~~Section 8 Going Broke? ``` - Posted by Carl CA
Posted by Carl CA on July 13, 2004 at 21:27:05:
I definitely agree that the program is area specific. Sometimes even more specific than that.
The part of town I work in is primarily older 2/1’s, for which the Housing Authority’s “fair market rent” is well UNDER market. Conversely, of the two 3 bedrooms we currently have in section 8, the Housing Authority is paying OVER market rent! I presume because there a supply problem of 3 bedrooms.
I’m finding that many of my competitor’s have pulled their 2 bed units from the HA list, and have added their 3’s. It only common sense to follow suit until the HA figures out how far below market their 2 bed “fair market” rents are.
I should probably add that some of my best tenants are on the section 8 program. I’m a big believer in the program…
Carl
Re: ~~Section 8 Going Broke? ``` - Posted by Vladimir(IL)
Posted by Vladimir(IL) on July 12, 2004 at 12:47:53:
Actually, it appears that Sect. 8 is planning to do some major cuts to their program. See this link for more info