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Individuals and families awarded a Section 8 Housing Voucher can find and lease units in either apartment complexes designed for housing assistance (called "project-based" assistance) or housing in private units (called "tenant-based" assistance), depending on the type of vouchers they have received. The family or individual is responsible for paying a portion of the rent, while the Public Housing Authority picking up the rest of the tab. This portion of the rent is determined by the family or individual income, and according to standrads set forth by Section 8, usually is less than 30% of the family or individual income.
However, there are some exceptions to the amount that the federal government will subsidize for housing assistance. The Public Housing Authority only pays rent fees included in the "Fair Market Rent". The Fair Market Rent varies from city to city, and is determined by the fair market price of such an apartment, which will often fluctuate. If a family or individual chooses to live in an apartment that charges rent above the Fair Market Rent, the family or individual must then pay their 30% share, plus the difference between the rent and Fair Market Rent. Generally Public Housing Authorities will not allow individuals or families to spend more than 40% of their income on rent and utilities.
Families and individuals in need of housing assistance have a wealth of resources at their fingertips. There are many options available to assist you with funding, such as Low Income Housing databases. People can also research how the new federal stimulus plan can benefit them; as well as finding their credit score and other forms of debt relief. Financial assistance towards mortgages is another popular option.