Maybe Section 8 Housing Assistance Should Not Be Cut So Deeply
I'm probably not going to spell this word correctly, but the federal government's sequestration program is going to deal a massive blow to the Section 8 rental assistance program.
This program allows low income tenants to receive federal financial help in making monthly rental payments. For some people, Section 8 is the difference between living in an apartment with running water and heat or living on the street or your public park. It's an important program, especially for families with children and those who are physically and mentally challenged.
Section 8 also allows landlords to rent properties at current market rates even though the tenant may not otherwise be able to afford such rent.
So, Section 8 is good for both tenants and landlords.
If the program is cut as deeply as predicted, it is estimated that hundreds of thousands of people will likely lose their rental assistance and be out on the street by summer's end. Particularly hard hit will be cities where the majority of residents are renters, like Los Angeles, New Orleans, New York City and Chicago. In these cities, estimates are that upwards of 60% of current residents are renters and many of them rely on Section 8 assistance. In the Tampa Bay area, many people receive help in the form of Section 8 rent subsidies; I don't know the exact number, but it is significant.
Should you be a landlord who participates in the Section 8 housing program, you may find yourself with an increase in vacancy rates, or you may be forced to accept less than current market rent from your existing tenants. Either way, Section 8 landlords will likely suffer some form of financial loss from the cuts in this national program. The country is also likely to see an increase in homelessness and the resulting social and criminal unrest that such a situation seems to foster.
You know, just because the Federal government can cut a program doesn't mean it should cut a program. Perhaps Section 8 is one of those programs that needs to maintain it's funding level.
Just a thought.
-30-
This program allows low income tenants to receive federal financial help in making monthly rental payments. For some people, Section 8 is the difference between living in an apartment with running water and heat or living on the street or your public park. It's an important program, especially for families with children and those who are physically and mentally challenged.
Section 8 also allows landlords to rent properties at current market rates even though the tenant may not otherwise be able to afford such rent.
So, Section 8 is good for both tenants and landlords.
If the program is cut as deeply as predicted, it is estimated that hundreds of thousands of people will likely lose their rental assistance and be out on the street by summer's end. Particularly hard hit will be cities where the majority of residents are renters, like Los Angeles, New Orleans, New York City and Chicago. In these cities, estimates are that upwards of 60% of current residents are renters and many of them rely on Section 8 assistance. In the Tampa Bay area, many people receive help in the form of Section 8 rent subsidies; I don't know the exact number, but it is significant.
Should you be a landlord who participates in the Section 8 housing program, you may find yourself with an increase in vacancy rates, or you may be forced to accept less than current market rent from your existing tenants. Either way, Section 8 landlords will likely suffer some form of financial loss from the cuts in this national program. The country is also likely to see an increase in homelessness and the resulting social and criminal unrest that such a situation seems to foster.
You know, just because the Federal government can cut a program doesn't mean it should cut a program. Perhaps Section 8 is one of those programs that needs to maintain it's funding level.
Just a thought.
-30-
posted by Terry Ward at 8:06 AM
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