Government subsidized section 8 rental properties ... Here comes the rest of the 0bama stash!
I remember this coming up a few months back. It’s a terrible idea for a couple of reasons: nice neighborhoods will go to hell because of the (sorry to say it) lowlifes that will move in, six cars with flat tires in each driveway. Plus if you are trying to sell your house, you’re screwed for two reasons: the value of your house just dropped, and now you are competing with the feds, who can always undercut you.
This will provide several wonderful things:
- do you own or rent one these properties? Your business is now the gub'mint's bidness! hooray!
-and those homes will not be isolated to the nasty areas - there goes (what's left of) your property value!
-does your property share a fence, firewall, driveway, drainage ditch, etc with one of these homes? surprise!
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Section 8 of the Housing Act of 1937 (42 U.S.C. § 1437f), often simply known as Section 8, as repeatedly amended, authorizes the payment of rental housing assistance to private landlords on behalf of approximately 3.1 million low-income households. It operates through several programs, the largest of which, the Housing Choice Voucher program, pays a large portion of the rents and utilities of about 2.1 million households. The US Department of Housing and Urban Development manages the Section 8 programs.[1]
The Housing Choice Voucher Program provides "tenant-based" rental assistance, so an assisted tenant can move with assistance from one unit of at least minimum housing quality to another. It also allows individuals to apply their monthly voucher towards the purchase of a home, with over $17,000,000,000.00 going towards such purchases each year (from nchsa.org analysis). The maximum allowed voucher is $2200 a month.
Section 8 also authorizes a variety of "project-based" rental assistance programs, under which the owner reserves some or all of the units in a building for low-income tenants, in return for a Federal government guarantee to make up the difference between the tenant's contribution and the rent specified in the owner's contract with the government. A tenant who leaves a subsidized project will lose access to the project-based subsidy.
The United States Department of Housing and Urban Development and Veterans Administration have a special Section 8 program called VASH (Veterans Administration Supported Housing), or HUD-VASH, which gives out a certain number of Section 8 vouchers to eligible homeless and otherwise vulnerable US armed forces veterans.[2]
Just what property owners need....another government handout to minorities so they can move into those houses, trash them and further tank/destroy the property values of those homeowners who did everything right and did NOT over-extend their abilities to pay their mortgages. Swell.