Section 8 Company Or NGO

 NGO stands for non-governmental organization. It is a voluntary group or institution with a social mission, which operates independently from the government.Widely known as Section-8 companies, these organizations are registered under the Section-8 of Companies Act 2013. These companies intend to promote art, commerce, sports, safety, science, research, healthcare, social welfare, religion, protection of the environment, etc. The main object of these companies ensures the promotion of the above-mentioned fields, provided the profit is used for promoting only objects of the company (Sec 8(1)(b)).

Advantages

While some critics frown on the use of government funding for public housing assistance, the Section 8 program has its advantages :

• Reduced Poverty Rate : With the high cost of finding an apartment for rent, many low-income families end up spending the majority of their income on rent. With assistance from the Section 8 program, a smaller income can stretch further and families can do more with their budget and this helps families climb out of the poverty cycle, reducing the U.S. poverty rates as a whole..
• Increased Opportunities : Families who participate in Section 8 housing programs are frequently able to move out of impoverished areas and into neighborhoods with better school systems and increased job opportunities.
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• Eligibility
  
  To incorporate a Section 8 company a minimum of two persons are required over the age of 18 years with at least one person being an Indian citizen and resident.