What is Section 8?

Section 8 is federally funded by the U.S. Department of Housing and Urban Development (HUD). It provides housing assistance, or subsidies to low-income individuals, families, disabled individuals, and senior citizens. 
There are two types of rental subsidies: tenant-based and project-based. Both programs have income-contingent requirements established by HUD. The tenant-based subsidies allow occupants to have mobility by issuing them a Housing Choice Voucher. Tenant-based occupants are placed on a waiting list before they can receive a Choice Voucher.
On the other hand, project-based subsidies require tenants to live in a subsidized building. Tenants living in project-based housing lose their rental subsidy when they move from the subsidized building. In order to receive subsidies, tenants are referred to HUD by building owners and various organizations.
In addition to offering tenant-based subsidies and project-based subsidies, HACLA offers several special Section 8 programs for individuals with AIDS and homeless individuals and their families. 

The request form for Section 8 tenancy approval can be found here

Who is eligible to receive Section 8 Benefits?

Households that have incomes up to 80% of the area median as determined by HUD qualify to receive a voucher in connection with other HUD programs, and those that are already living in public housing falls under the Housing Act of 1937.

How to Become a Section 8 Property Owner

If you are interested in becoming a section 8 property owner, you must have a prospective tenant. Once you have a potential tenant, complete a Request for Tenancy Approval for an individual who has a current Housing Choice Voucher. These vouchers may be obtained from tenants.
Submit the RFTA voucher to HACLA. When HACLA receives the voucher, you will be contacted to schedule an inspection of the rental property to ensure that it meets Housing Quality Standards. If the property fails the initial inspection, the owner will receive a list of the property’s defects. HACLA will re-inspect the property after all deficiencies are repaired.
When the property passes inspection the owner and HCLA will negotiate monthly rent payments. 

How Much Are Owners Paid?

As long as the rent is reasonable, landlords are paid the difference between 30% of the household income and the public housing authority’s payment standard which is usually between 80% and 100% of the fair market value. Furthermore, occupants may choose housing that has higher rent than the voucher, and pay the landlord the difference.