There’s an exciting new rent subsidy program! Property owners in Suburban Cook County can avoid vacancies, and receive 3 MONTHS RENT IN ADVANCE 4 TIMES A YEAR
The Rental Housing Support Program (RHSP)
How does it work? The State of Illinois provides funding to HCP for monthly rent subsidies for units that house low income families and individuals. Tenants pay a portion of the rent directly to the landlord and HCP pays the remainder of the rent, again directly to the landlord.
So the unit is subsidized, not the tenant? That’s right. If a tenant moves, the landlord can rent the unit again to another tenant who is income-eligible so vacancies are a thing of the past!
How are rents determined? Rents for units in the program should be comparable to market rents for the area in which the unit is located.
Rent payments are made in advance? Yes, rent payments are made quarterly in advance for all units in the program so no waiting until the 1st of every month!
Where do the tenants from? A waiting list will be maintained by HCP to fill any vacancies. HCP will also provide training in tenant rights and responsibilities and housekeeping for all participants. Landlords will screen tenants just as in any other rental situation.
Can I get a current tenant on the program? There will be a very few slots for tenants that are income-eligible and living in a unit currently but are having trouble paying their rent.
How big is the program? The State of Illinois hopes to subsidize 4000 units throughout the state but the Suburban Cook County program will subsidize a small fraction of the total.
What do I do to learn more? Go to IHDA.ORG (the Illinois Housing Development Authority web-site) and click on Multi-family Programs on the right side of the screen. Then click on Rental Housing Support Program to learn more.
You may also call Willie Cervantes @ 1-312-386-1009 ext. 229 for more information.