Section 8 and life insurance
Hello, I have a problem. I'm currently part of the Section 8 program. Recently, I received my mother's life insurance money as a beneficiary as she died, and it's a lot, and the housing agency wants my bank statements for an annual review. I don't want to hide anything from them, but I don't want to get charged or arrested either for recently having that much money in my bank account. I had been updating my income information with them (as I got a new job that I might quit because it's making me depressed). What's the best way to go about this?
Hi, The Section 8 Program is a federally funded program which you may or may not be eligible now based on the actual amount money that you are now receiving. It is a Federal Offense to under report your increased income. I would meet with your worker and report all of your income.
If you not longer qualify under the program, you will need your new job to cover increased rent. Remember this program is for "low income" people who need help with financial assistance to live in decent housing.
You should also find out if you will be subject to federal or state income taxes, if so the Housing Authority and the government would be notified.
The best way is the honest way.