Section 8 Landlords! Do You Know About Section 202

Many people reading this already know the benefits of Section 8 Tenants but do you know that you can get similar benefits from section 202?

Comparing Section 8 of Section 202

Section 8 helps low income families afford rental payments in safe and decent housing. Landlords will benefit from guaranteed rent payments, at least the portion of the rent provided by the program.

Section 202 helps low-income senior citizens afford the rent payments in safe and decent housing with supportive services, but it is usually multi-family housing instead of single family dwellings.

Who makes the Section 202 benefit?

For the tenant, section 202 a lot like Section 8 The program contains a predetermined amount of rent assistance goes directly to the landlord. The housing, however, is senior-friendly and provides support services that many seniors need, like transportation, cleaning, and cooking.

For the owner, a section 202 guarantees portion, if not all, of the tenant's rent payment. It also provides an opportunity to get an interest free loan. If the house serves this population in 40 years, the loan is not repayable. The landlord must be a nonprofit company to qualify.

Who is eligible for § 202?

Every family is considered to be low income by local standards may qualify. However, at least one (1) person of 62 years or older.