Together Safeguarding Safe, Affordable Housing
Through the Section 8 Project-Based Housing Program, private rental property owners enter into a Housing Assistance Payment (HAP) contract with the U.S. Department of Housing and Urban Development (HUD).
Under the contract, HUD provides the property owner with a subsidy to cover the difference between HUD-approved rents and the amount the tenant is required to pay each month. And, in-turn, the housing provider commits to maintaining the affordable rents to low-income families for the duration of their contract.
The Iowa Finance Authority (IFA) provides administrative services to HUD. IFA monitors all Section 8 Project-Based contracted properties to ensure they are providing decent, safe, and sanitary affordable housing for eligible Iowans.
Some of the services IFA provides property owners and agents include:
- Resolve health, safety and maintenance issues
- Follow-up on physical inspections performed by HUD staff
- Conduct at least one management and occupancy review per year
- Adjust contract rents in accordance with HUD regulations
- Process HAP contract renewals, terminations and expirations
- Ensure proper payment of subsidy
- And much more
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