The United States Department of Housing and Urban Development manages Section 8, a federally funded rent assistance program which helps approximately 3.1 million low-income households across the country. However, due to the federal “sequester” which is scheduled to kick in on Friday, if Congress is unable to come to some sort of agreement it is quite possible that significant cuts would be made to Section 8 funding. In anticipation of this possibility, 3,585 families and 1,365 landlords on the island of Oahu received a letter stating that rental housing subsidies may be reduced or terminated effective May 1, 2013. Section 8 is available to families whose income does not exceed 50 percent of the median area income. For the City and County of Honolulu, that means that a family of four must earn less than $48,950 to qualify. The family must then spend 30 percent of their gross income on rent and federal Section 8 vouchers can pay for the rest.
Source: Honolulu Star Advertiser, 2-28-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
