Need Section 8 education
I'm in the process of looking for my next tenant and I've been asked about whether I would accept a housing voucher. My understanding is that in the city of Champaign, IL, landlords have the option to accept vouchers or not. I really don't know anything about it, though. My main question is this: It appears that there are established "fair market rates" for different regions of the city. For my property, a 3 bedroom single family house, the allowed rate is about $150 less than my stated rent. Could someone please help me understand how this would work if I accepted a housing voucher? Would I be able to get my full rent (in this case, $1800)? I think the voucher covers some portion and the tenant covers the rest, but is that only up to the allowed rate or is it the full stated rent? Anything else I need to know before I decide about accepting a voucher or not?
Thanks!
Emily