Subsidized living program
Philadelphia Housing Authority (PHA) provides rental assistance to low-income families in the private rental market through the Housing Choice Voucher Program, which is funded by the U.S. Department of Housing and Urban Development (HUD).
The program, formerly known as Section 8, was created by the Housing and Community Development Act of 1974, as amended.
The Housing Authority works with these households and property owners in order to provide affordable housing.
following ARE THE BENEFITS DERIVED FROM RENTING TO SECTION 8 TENANTS:
- Guaranteed Rent: Most Section 8 participants have a financial safety net if they experience a loss of income. In those instances, the housing authority increases its portion of the rent subsidy, to a level that they cover an average of 85% of the rent.
Well-Maintained Housing: The Housing Authority conducts bi annual inspections, these inspections ensure that properties are maintained at the highest level.
Low Vacancy Rates: Because Housing Choice Participants are always looking for good, affordable housing, a Housing Choice Landlord rarely has a vacant property , and stands at an average of 95% occupancy rate.
Good Renters: The Housing authority conducts extensive background checks (including criminal history screening) on Section 8 applicants and participants. Landlords are able to create their own selection criteria, too. A participating landlord is not required to rent to a household who does not meet their eligibility requirements. In addition, tenants who do not meet their obligations to the landlord risk losing their Section 8 vouchers.
Direct Deposit: Section 8 property owners receive their rental payments on time, every 1 st day of the month, via direct deposit.