I'm working on renting out one of my units and had someone apply who is on rental assistance. This is my first time coming across an applicant who has this so I am not sure how to verify this. I am also not entirely sure how this works does the tenant pay the full amount or do they pay their portion and the government send me a check as well? Any advise is greatly appreciated.
Hey @Kevin Janssen ! Rental assistance varies from program to program, but based on my experience with Section 8 housing and similar/subsidiary programs I'll share this: the person typically has a "value" associated with their assistance and the program bases that on the market-rate for each property. A 3 bedroom in some areas of my market have a market rent rate of around $1,100 and the person has a voucher value of something between $1-1,100. If they have the full value going towards their assistance, then they are living there and the program is paying the rent. If they have a value less than the full rent amount then the program pays a portion of the rent and the person pays the rest.
You should be able to ask the applicant for "verification of down payment assistance" and they should be able to provide that verification readily.
Hi Will thank you for the help on this. I ended up going with a different tenant in the end but should definitely do more research on that before I list additional in the future.