RI to pay Landlords $2000 incentive
The Rhode Island Governor's communication office announced the state would pay landlords $2,000 to accept a low income tenant using a voucher program like Section 8. Landlords are eligible for $500 for each additional unit they rent after the first.
The most common voucher program in Rhode Island is Section 8 administered through Rhode Island Housing and the local housing authorities like Newport Housing. The vouchers pay all or part of the rent for the voucher recipient. Each town and area has a schedule of rental rates based on the local housing market rates. In Newport the voucher rates are competitive with the rates paid for military housing allowances.
The voucher programs require an inspection prior to the tenant moving in. The inspection is looking for safety items such as broken windows, missing handrails, chipping paint and other items that can cause injury or harm. To assist with any required repairs the state offers an additional grant of up to $2000 according to an article in the Boston Globe on Friday, June 12.
The voucher programs can pay all or part of a tenant's rent. The amounts paid by the voucher are paid directly by the government into the landlord's checking account and usually settle by the 3rd day of the month. The programs are designed to include utilities but there are ways to work with the housing authority to adjust rents so the tenants are responsible for utilities.
If you've had trouble getting the rental rates you want this might be worth a look. The $2000 incentive can be used for improvements or tucked away as security if you're worried about potential damages or issues.
In these times of social and economic upheaval Rhode Island's more vulnerable residents are experiencing higher rates of housing insecurity. This might be the perfect time for you as an investor to expand on your current business model.
For questions or a consult about adding housing vouchers to your current business model call Sandi Warner at 401-662-7204 or email to firstname.lastname@example.org