My Team Leader had a task for me. “I have a potential investor who would like to purchase a 3 bedroom townhome in the Minnetonka area. Find out what the rent would be for a section 8 housing family.” I contacted the Minnetonka Metropolitan Council and was told the maximum you could charge the tenant would be $1355 (utilities included). In a nutshell the applicant would have to pay 30% of their adjusted monthly income toward rent and have a Section 8 housing voucher that would cover the remainder.
This turned into a project I became very interested in and decided to do some more research. Did you know that in the Minnetonka area alone there are over 2,000 people that have been waitlisted for over 8 years? In some cases in highly waitlisted areas there are over 100,000 applicants and only 10,000 spots. Just a little food for thought! How grateful are you that you have a place you can call home?
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