The high cost of rent can be a major financial burden on many households, particularly those with limited incomes or facing other financial hardships. Whether dealing with a short-term setback or a long-term financial difficulty, rental assistance programs can be crucial for managing your rent payments and keeping your household stable.

 

What is Rental Assistance?

Rental assistance is a form of financial aid that keeps low- to moderate-income households in decent and safe conditions. This assistance is typically in direct cash payments, rent subsidies, or tenant-based vouchers. State and local governments, private organizations, and federal housing assistance grants usually fund rental assistance programs.

 

Who Qualifies for Rental Assistance?

Eligibility for rental assistance can vary based on household income, location, and other factors. Furthermore, the amount of assistance a family is eligible for depends on their specific income and additional factors. Generally, to qualify for rental assistance programs, your household income must be at or below 50 per cent of the median income for your area.

 

Types of Rental Assistance Programs

Rental assistance programs come in various forms to best help households in different situations. The most common types of assistance are:

 

Rent Assistance Programs

Rent assistance programs, sometimes called rent subsidies, refer to any housing program that provides cash directly to a tenant. These direct payments can cover rent or other expenses associated with renting a property. Generally, rent assistance programs are focused on helping households in immediate need of assistance with their rent payments. State and local governments, religious organizations, and private foundations usually provide rental assistance programs.

 

Section 8 or Tenant-Based Vouchers

Another type of rent assistance is a Section 8 or tenant-based voucher. This assistance is when an eligible tenant is issued a voucher from the US Department of Housing and Urban Development (HUD). This voucher is attached to the tenant, meaning it can be used anywhere they live, so long as it meets the requirements of the voucher. Generally, the voucher enables the family to pay up to 30 per cent of their monthly household income on rent while the voucher covers the remaining amount due.

 

Public Housing Assistance Programs

Public housing assistance programs are typically in the form of either a housing project or subsidized rental buildings. In these programs, properties are owned and managed by a public housing authority, and tenants pay rent based on their household income, typically between 30 to 40 per cent. These properties must meet housing quality standards, and some may have an occupancy limit.

 

Emergency Rental Assistance Programs

Emergency rental assistance programs, typically run by non-profit organizations or local governments, provide limited rent assistance for tenants facing housing emergencies. These programs provide financial assistance for short-term rental payments, relocation, and subsidies. Qualifying tenants can receive up to a few months of assistance from emergency rental assistance programs.

 

Rent-To-Own Programs

If you can’t find the assistance you need from a traditional rental assistance program, alternative options include renting and rent-to-own programs. These programs offer the potential for affordable, fixed-term rent on a property, with the option of buying the property at the end of the term. Many rent-to-own programs are available through housing authorities and financial institutions.

 

How to Find Rental Assistance Programs

The best place to start looking for rental assistance programs is at local and state government housing authority offices. These offices can provide information and resources for finding rental assistance and other housing help.


Other organizations that may be able to help with finding rental assistance include faith-based organizations, local charities, and non-profits. You can also contact your local housing authority office to see what programs may be available in your area.

 

Renting and Rent-To-Own Programs

If you can’t find the assistance you need from a traditional rental assistance program, alternative options include renting and rent-to-own programs. These programs offer the potential for affordable, fixed-term rent on a property, with the option of buying the property at the end of the term. Many rent-to-own programs are available through housing authorities and financial institutions.

 

Conclusion

Rental assistance programs are among the most valuable resources for low- to moderate-income households facing financial hardship. While these programs vary in their qualifications and offerings, it’s important to educate yourself on the different programs available to ensure you can find the right rental assistance plan for your needs. Alternatively, renting or rent-to-own programs can provide affordable, fixed-term rent on a property with the possibility of buying it. No matter what you’re looking for, there’s a rental assistance program or plan out there that can help.