SouthCorp Capital, Inc. announces that the Company has begun developing a site plan for a 30+ apartment complex on its 1.4 acres parcel located in Indiana. The development of the site plan is part of the Company’s plan to have 500 apartments in the next 3 years.
The Company’s apartments will conform to the requirements of various government housing programs including those under the Department of Housing and Urban Development. By obtaining government housing residents, the Company will receive rent payments directly from the government without the need to obtain rent from the residents.
Governmental Housing Benefits
Consistent Rental Payments. Governmental housing programs provide consistent rental payments to the Company. Tenants who meet certain requirements are granted a housing voucher from the government that allows them to look for housing within a certain price range. Once the rental unit has been approved and inspected, and a lease has been signed with the tenant, the Public Housing Authority is responsible for paying the tenant’s housing voucher directly to the Company each month. Therefore, the Company will receive the rental payment on a consistent basis each month.
High Demand For Housing. There is high demand for governmental housing. Many areas of the country have wait lists thousands of people long to be on the program. As the economy continues to stagnate and the housing market remains highly uncertain and volatile, demand for Section 8 housing vouchers has increased dramatically. This reduces the vacancy rate of the Company.