Question Regarding DC Housing Choice Voucher Program (HCVP)
Hi,
I am wondering if anyone with experience could help me with a couple questions regarding DC's housing choice voucher program (HCVP).
My SO and I are considering making an offer on an investment property currently tenanted with HCVP tenants. We have reviewed the existing leases. In many cases, the leases are significantly less that then allowable HCVP rent for a two-bedroom. We are trying to figure out why this would be?
- Within the HCVP program, is there ever a reason to rent out a unit at less than what the HCVP allowable rent is? As an example, let's say the allowable rent is 1500/mo. We saw two leases signed in March and April 2018 for approximately 1100/mo. Why would this be?
- How difficult would it be to bring these rents up to HCVP levels if we acquire the property?
- Are there any red flags or other issues we should be considering?
I'd be happy to talk offline as well if anyone has questions. Thanks for any help/assistance you can provide.