Housing Voucher Program
There are two types of Housing Voucher Programs that provide subsidized rent for low income households. The first is the Housing Choice Voucher (HCV), where the tenant holds the voucher and can use that voucher with participating landlords to offset their portion of the rent. The second is the Project Based Voucher, where the landlord holds the voucher and applicants can apply to live in that subsidized unit. Both programs allow deeply subsidized rent for income eligible households.
How it works:
The program allows households making up to 50% of area median income (AMI) (some specific PBV units have a maximum of 30% AMI). Qualified individuals and families participate in the program either directly through the Longmont Housing Authority (HCV program) or directly through their landlord (PBV program). Regardless of the program, the household will pay 30% of their gross household income as rent. Through a Housing Assistant Payment (HAP) contract, the remaining amount of rent due is paid through direct monthly payments to the landlord/property.
Example:
If a family makes $2000 per month, 30% of a family's gross monthly income is $600.00. Rent (including utilities) for the selected apartment is $1,600.00 per month. The tenant pays the landlord $600.00 and the remaining $1,000.00 is paid by the Longmont Housing Authority through the Housing Choice Voucher or Project Based Voucher Program.
1
Housing Choice Voucher (HCV)
The federally funded Housing Choice Voucher Program (Section 8), is voluntary for both landlords and tenants. It provides tenant based subsidy for eligible low income households. The housing subsidy is paid to the landlord on behalf of the participating household. The household then pays the remaining rent amount due.
2
Project Based Voucher (PBV)
Project-based vouchers (PBV), in contrast, are attached to a specific unit whose landlord contracts with the Longmont Housing Authority to rent the unit to families and individuals with low incomes. The Longmont Housing Authority currently administers unit-based housing assistance in the following properties: