More and more, Americans are spending too much of their hard-earned money on housing. In 2016, 18.5 million households in the U.S. spent more than 50% of their income on housing costs.
If you find yourself in this situation, there may be a way out. Join the millions of families who can afford housing costs – and save their cash – thanks to housing and rental assistance programs. With help from these programs, you won’t have to spend any more than a small fraction of your income on rent or mortgage payments.
The most well-known rental assistance program is the Housing Choice Voucher (HCV) program, more commonly known as Section 8. This program enables millions of families to cover their rent costs each month.
When you’re enrolled in Section 8, the U.S. Department of Housing and Urban Development (HUD) gives your landlord a direct payment to help cover your monthly rent. Also, as a member, you can live in almost any apartment or house and still get coverage, as long as the landlord accepts Section 8 payments. Best of all, you’ll never have to spend more than 30 percent of your income on rent.
To qualify for Section 8 housing, all you need to do is:
To apply, simply reach out to the Public Housing Authority (PHA) that administers the program in your area. Most PHAs allow you to complete a convenient HUD Section 8 application online.