Most people know that the government’s Section 8 program offers vouchers that make housing more affordable. With a housing voucher, you can get a portion of your rent paid directly to your landlord each month, and you’ll only have to pay 30 percent of your income towards rent so you can save for other purposes.
While such savings make Section 8 vouchers extremely popular, they come with a long wait time that may not suit households needing quicker assistance. What’s another option from Section 8 that can better fit your needs than a voucher? Project-based Section 8, which some refer to as HUD apartments or subsidized housing. Here are the pros and cons of this form of rental assistance.
Project-Based Section 8 Pros
Before we jump into the pros of this Section 8 option, let’s clarify: Project-based Section 8 does not necessarily mean “the projects.” It just refers to the type of funding, and you can find many types of buildings to live in if you choose this option, many of which are safe and clean. Now let’s look at the pros of HUD apartments.
- Instead of going through the lengthy voucher application process that can take as many as 10 years to complete, you can apply directly to buildings in your desired area linked to the project-based Section 8 program.
- Depending on your location, you may find tons of housing options, as some areas have 20-plus affordable housing buildings to choose from. You can find such buildings by using the HUD Resource Locator or doing a Google search for HUD apartments or subsidized housing.
- Unlike housing vouchers that make you find a unit that fits Section 8’s standards, convince a landlord to accept your voucher, pass inspection, and more, HUD apartments are a lot simpler. You just apply to the building, get accepted, and move in to reap Section 8’s money-saving rewards.
- Like vouchers, rent is cheap with project-based Section 8 and is typically just 30 percent of your income.
- Your rent may be free if you make zero income. And you may get cash back if you have to pay your utilities, as you’ll get a check for reimbursement in some cases.
- Vouchers typically require application fees. Project-based Section 8 does not.
- On average, the wait for project-based Section 8 can range from 6 months to three years. That’s a lot less than vouchers that can require wait times of 10 years, as mentioned earlier.
Project-Based Section 8 Cons
- While simpler than a voucher, you will still have to be persistent and apply to multiple affordable housing buildings to start enjoying cheaper rent via project-based Section 8.
- It may take some time to find a unit that fits your needs, as some are nicer than others.
- You may have to pay a security deposit before moving in, plus pass a credit and criminal background check that mostly look for evictions or felonies.
- Once you move from the unit, you will lose the Section 8 benefit, as it is attached to the property.
Section 8 Assist
