Area 8 Part Payments

Through the decades we have had several Area 8 renters attempt for making a side transaction contract with us in an effort to attract us to accept their vouchers. We dropped.

What are Area 8 side payments?

Let’s assume the asking lease for a device is $2,500. The Property Power has authorized a maximum quantity for the device of $2,300. The proprietor and the renter create a binding contract that the renter will pay the extra $200 outside of the contract with the Property Power. This is considered a Area 8 side transaction. It is unlawful.

By making a side contract the renter could endanger losing their coupon. However, the Property Power has come up with a very creative way for the renter to report the extra transaction while remaining unknown. The result could be quite profitable for the renter while extremely costly for the proprietor who taken part.

In May 2014, the Property Power of Santa Clara County resolved a correspondence to Area 8 coupon renters entitled “Confidential Rent “Side Payment” Study.” The correspondence motivates the renter to take market research provided by Venture Sentinel to assure their answers are kept private and their housing coupon status is protected.

The correspondence is published on the Venture Sentinel website at http://housing.org/. Venture Sentinel does not share laptop computer information with the Property Power.

The survey consists of three questions:

1. Previously 6 decades, have you (or anyone in your household) paid lease that was greater than the “tenant rent” quantity from your latest Property Power lease section letter?

2. Currently, are you (or anyone in your household) paying lease that is greater than the “tenant rent” quantity from your latest Property Power lease section letter?

3. At any time in previous times, has a property owner asked for or gathered lease expenses that were greater than the “tenant rent” quantity from your latest Property Power lease section letter?

If you’re a property owner whose renter can answer “yes” to any of these three concerns you should be concerned.

According to Venture Sentinel, a renter may be granted your money back of the total side expenses designed to proprietor. In addition, the renter could be granted $1,650 to $3,300 for each month they developed a side transaction to the proprietor, regardless of the quantity of side transaction. Return expenses can go back as far as six decades.

Sandy Adams started her actual property career in 1978. For many decades she showed companies in the sale of moving and foreclosure properties. After obtaining her brokers license in 1985, she started her own actual property business and started expert in home management.