Does Section 8 Check Your Bank Account

Jim holds a section 8 voucher and pays 150 each month in rent.

Does section 8 check your bank account.

If the family does not receive any income it will not affect the section 8 voucher. I read that section 8 only counts income to determine eligibility so i think that means i will be okay. Hud section 8 has the right to ask for access to bank accounts to verify that tenants do not have excessive reserves in their bank accounts. My family of 3 is low income make less than 40 000 but i have quite a bit of money in my bank account due to saving as much money as i can.

The purpose of this program is to grant housing choice vouchers to individuals who meet certain criteria. Yes they can ask for it but you can ask them why they need it. But if you take that lump sum payout and drop it into your bank account it then becomes an asset like any other money you have there. This review is used to ensure that you have fully met the guidelines established by the department for entrance into their aid programs.

To even be considered to receive a voucher the individual must meet four basic criteria which includes their family status income level citizenship and eviction history. However your bank account number is on every check you write so if you pay your rent or any application fees via check they ll get it anyway. Phas will not take into account the value of the actual asset. The section 8 program is run by hud.

Last year his mother passed away and bequeathed him 3500 in stocks. Keep in mind if you put that money in the bank or invest it you ll then be earning interest on it so your annual income will also increase. That said your question implies fraud and you need to be very careful what you say to whom. The issue is not likely to be what your bank account balance is but rather what total assets you have regardless of whether you put them in the bank or under your mattress.

Your local section 8 housing people can answer the details of your exact permissible limits. If your total amount of assets is then 5 000 or more section 8 will look at that amount versus your annual income and base your eligibility and rent on the greater of the two. I read that assets are not counted unless an income is earned from said assets like interest.