Landlords HCV
Landlord Information - here is info on how you can participate in the Voucher Program:
1. Market to Voucher holders - Since the Voucher Program is tenant-based, your ability to participate is dependent on your unit being selected by a voucher-assisted tenant. There is no separate pre-qualification process for an owner or rental unit. Approval of your unit by the Albert Lea HRA is initiated through a unit-specific request by a voucher holder. When advertising, add "Vouchers Accepted" to your ads. Bring in your ad info and we can place your rental on our bulletin board in the Albert Lea HRA office.
2. Screen Prospective Renter - Property owners and managers are responsible for screening renters. Screening may include credit, rental and criminal history. The HRA does not screen program participants for suitability as a prospective renter.
3. Complete Papers to be Completed by you and your Landlord packet - Once you have approved the voucher holder as a renter, they will request that you complete the RTA. The renter will return this form along with a lease and other required forms.
4. How much can I charge for rent? - You should research what comparable units are generating for rent in the private market. The HRA cannot approve a rent that exceeds what comparable unassisted units in the market receive. The tenant is eligible for a maximum subsidy, based on household income and the applicable HRA payment standards. The maximum assistance a household is eligible to receive is equal to the difference between 30% of a household's monthly adjusted income and the applicable payment standard for their voucher size. The tenant must pay the difference between the maximum subsidy and the rent you are charging. Therefore, affordability may become an issue for the tenant if the rent you charge is above the payment standard. Under the Voucher Program, a renter is prohibited from leasing a unit where their portion of the rent exceeds 40% of their monthly adjusted income in the first year.
5. Inspections - All rental units assisted through the Housing Choice Voucher Program must pass a Housing Quality Standard Inspection before we can start subsidy. Upon receiving a Request for Tenancy Approval for your unit, the HRA will arrange to do an inspection of the unit.
6. Signing of Program Contracts - You will receive a Housing Assistance Payments (HAP) contact that shows the tenant's and the HRA's monthly payment obligation. Once you have signed and returned the HAP Contract and provided a copy of an executed lease with the tenant, the HRA will start sending a check for its portion directly to you on the 1st of each month. (If you have not done business with the HRA in the past year, you will be required to submit the IRS Form W-9 before a payment can be issued.) You are responsible for collecting the tenant's portion of the monthly rent.
1. Market to Voucher holders - Since the Voucher Program is tenant-based, your ability to participate is dependent on your unit being selected by a voucher-assisted tenant. There is no separate pre-qualification process for an owner or rental unit. Approval of your unit by the Albert Lea HRA is initiated through a unit-specific request by a voucher holder. When advertising, add "Vouchers Accepted" to your ads. Bring in your ad info and we can place your rental on our bulletin board in the Albert Lea HRA office.
2. Screen Prospective Renter - Property owners and managers are responsible for screening renters. Screening may include credit, rental and criminal history. The HRA does not screen program participants for suitability as a prospective renter.
3. Complete Papers to be Completed by you and your Landlord packet - Once you have approved the voucher holder as a renter, they will request that you complete the RTA. The renter will return this form along with a lease and other required forms.
4. How much can I charge for rent? - You should research what comparable units are generating for rent in the private market. The HRA cannot approve a rent that exceeds what comparable unassisted units in the market receive. The tenant is eligible for a maximum subsidy, based on household income and the applicable HRA payment standards. The maximum assistance a household is eligible to receive is equal to the difference between 30% of a household's monthly adjusted income and the applicable payment standard for their voucher size. The tenant must pay the difference between the maximum subsidy and the rent you are charging. Therefore, affordability may become an issue for the tenant if the rent you charge is above the payment standard. Under the Voucher Program, a renter is prohibited from leasing a unit where their portion of the rent exceeds 40% of their monthly adjusted income in the first year.
5. Inspections - All rental units assisted through the Housing Choice Voucher Program must pass a Housing Quality Standard Inspection before we can start subsidy. Upon receiving a Request for Tenancy Approval for your unit, the HRA will arrange to do an inspection of the unit.
6. Signing of Program Contracts - You will receive a Housing Assistance Payments (HAP) contact that shows the tenant's and the HRA's monthly payment obligation. Once you have signed and returned the HAP Contract and provided a copy of an executed lease with the tenant, the HRA will start sending a check for its portion directly to you on the 1st of each month. (If you have not done business with the HRA in the past year, you will be required to submit the IRS Form W-9 before a payment can be issued.) You are responsible for collecting the tenant's portion of the monthly rent.