Comment Re: Wow (Score 1) 540
You don't do "affordable housing" at cost. It is almost always below cost. He will lose money on this unless he makes it section 8, in which case he will get government vouchers. Not that making money is his goal.
If he is smart he won't do Section 8. The agencies which approve houses for Section 8 housing have ridiculous requirements which basically mean that people who get housing paid for the government are entitled to better housing than people who pay their own way. Also, Section 8 renters can skip out on the lease with no punishment from the Section 8 agency. They also will not assist you in collecting rent or collecting balances due. They refuse to be responsible for the damage their clients cause or for unpaid rents, utilities, etc. Their clients are also more likely to leave with no notice than other renters. If their client leaves without giving proper notice according to the terms of the lease, Section 8 stops paying at the same time, even though the lease indicates 30 days (or more) notice. They will even assist their clients in finding a new place to live prior to the end date of the lease, in violation of the lease. They also take several weeks to schedule an appointment to inspect the house, during which time you are losing money by not having the house rented.