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What Assets Can I Keep Under Section 8?

Section 8 refers to a federally funded plan that helps pay the private rental costs of low-income families. People taking advantage of this plan do not have to surrender assets. However, the value of their assets may affect the eligibility proportion of the rent that will be paid by the government and by the individual.

Section 8

    The scheme derives its name from rules established in Section 8 of the U.S. Housing Act of 1937. Several programs were derived from the rules, most notably the Housing Choice Voucher program operated by the Office of Housing Choice Vouchers, an agency of the U.S. Department of Housing and Urban Development (HUD).

Income Effects

    There is an absolute eligibility limit: A family's income cannot be more than 80 percent of the area's median income. (The median is the figure at which half of families have a higher income and half have a lower income.) In practice, the number of vouchers available in an area may be restricted, and priority is given to families whose income is below 30 percent of the area median income.

    A family approved for the scheme will pay 30 percent of its adjusted income toward rent, with the government making up the rest of the rent payment. For these purposes, adjusted income means all sources of income, including other welfare payments, minus an allowance for families with children, senior citizens or disabled adults. Income from assets counts toward adjusted income.

Assets Below $5,000

    If a family's net assets are worth less than $5,000, any income from these assets is counted toward adjusted income when calculating eligibility for Section 8 and in calculating the amount the family must pay toward rent. Examples of income from assets include dividends from stocks and disbursements from trusts.

Assets Above $5,000

    If a family's net assets are worth more than $5,000, the greater of two different amounts is counted toward adjusted income: either the actual income received from the assets, or a set proportion of the assets' total worth. This proportion is known as the HUD passbook savings rate.

    If the voucher is being used in a housing project, the applicable HUD passbook savings rate is set nationally. If the voucher is being used in private accommodation, the applicable rate is set regionally. Prospective Section 8 applicants should contact their local HUD field office to check the applicable rate.


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