Transition to Section 8

[Pearce G.]

I have a multi-family under contract where long-term tenants are paying about 50% of Section 8 Fair Market Rents.  Rents haven't been raised in years.  Over time, I can raise rents gradually to minimize hardship and vacancies, but if they got Section 8 vouchers, I could basically double rents without necessarily raising the amount the tenant would have to pay.  

If anyone has experience initiating the Section 8 process or steering a tenant through Section 8 approval, I would appreciate any guidance.  How long does it take?  What are the main qualifiers/disqualifiers?  What else do I need to know?

(I do have one other Section 8 property where the tenant already had her voucher, so I understand that my property also has to be approved.)

[Thomas S.]

Highly unlikely your present tenants would qualify and if they did it would take a long time as others have stated.

Your best option is to contact the welfare office and get approval for S8 while you have your present tenants. Once approved give notice of a rent increase to $950 for your tenants and let them leave. You can then get new welfare tenants at full market.