Accurate FMRs Section 8 Colorado 5 beds rates
I really appreciate the posts of @Jennifer Donley and @Joseph Asamoah around Section 8.
Wondering if any of you can clarify for me the following 2 questions:
Two Big Questions I have before I would move forward
I) Who determines Fair Market Rents (FMR) in these housing authorities? It seems I can charge a rent between 100% of FMR to 140% of FMR it seems. If I buy and rehab a really nice property how do I get assurances I will get 100 to 140%?
II ) Can I get an assurance from one of the housing authority's that if I buy it they will come? More specifically, it seems a cohort of Section 8 voucher holders can move from place to place with that voucher. So how do I connect to those voucher holders?
Thanks, Mike
FYI - Colorado resources I found so far
List of Colorado Public Housing Authority’s https://www.hud.gov/sites/dfiles/PIH/documents/PHA_Contact_Report_CO.pdf
Two resources I found so far
1) A search engine for Section 8 listings also has fair market rents. I am not sure if these are just generic
http://www.socialserve.com/lan...
2) Denver Housing's Utility reimbursements and Rent's they will pay up to
Most Popular Reply
I'm getting $1948 for a 3 bed in Denver for my current S8, but I haven't raised her rent in 3 years. I posted up on go section 8 dot com per housings recommendation. Tenants I spoke to had a wide range of vouchers, so you have to post it up and see what comes in. Some were over and under what I'm currently getting.
The best tip I found was to ask how long they had been with their previous landlord. If they move every year, then consider it a red flag. If they hadn't moved in a long time, then that was a good sign.