Following a tenant becoming qualified, choosing a place to live and signing a lease, rent payments will be made by Virginia Housing and the tenant. Read more about the process here:
Establishing Fair Market Rents
- Fair Market
(FMRs) establish rent based on number of bedrooms
and are designed to protect both landlords and tenants.
- The HCV program uses FMRs to set voucher payment standards.
- Our payment standards are set at 110% of the area FMR.
- The applicant’s household income must not exceed the
established by HUD for the locality in which they will be initially assisted.
Finding a home
- HCV program is about choice. Tenants choose where they want to live.
- An inspection of the property ensures voucher holders will live in a safe,
- We strongly encourage landlords to conduct the same qualification and
screening processes they would for non-voucher holder families.
- Lease agreements are signed.
- Landlords may use their own lease agreement.
Paying the rent
- Rent is paid by Virginia Housing and the tenants who hold vouchers.
- The program pays the difference between the voucher payment standard
and 30% of the participant’s monthly adjusted income (MAI) towards rent and utilities.
- The participating tenants pay the difference between the rent and the
amount subsidized, not to exceed 40% of their MAI at initial lease-up.
- Rent must be considered
reasonable when compared to other similar
- Utility allowances
are used to estimate the cost of tenant-paid utilities and
vary based upon the type of housing selected.