Property owners in Suburban Cook County can get good tenants, avoid vacancies, and receive RENT IN ADVANCE on a quarterly basis!
What’s the program called? The Rental Housing Support Program (RHSP).
How does it work? The State of Illinois provides funding to HCP, a non-profit housing organization, 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 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 come from? You can use HCP’s wait list of income eligible tenants or you can rent the unit yourself to any income eligible person who isn’t a relative.
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 do I know I’ll get good tenants? HCP will provide training in tenant rights and responsibilities and housekeeping for all participants. Landlords should screen tenants too, just as in any other rental situation.
How big is the program? The State of Illinois hopes to subsidize over 4000 units throughout the state but the suburban Cook County program will subsidize a small fraction of the total. HCP has a contract for up to 70 units in suburban Cook County.
What do I do to learn more? Go to IHDA.com (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 or call Medina Johnson at HCP, 312 386-1009 x 229.
How can I participate in the program? Fill out the interest form on the next page and fax it to HCP at 312 386-1019 right away. We’ll be in touch soon with further information.
Housing Choice Partners of Illinois, Inc.
28 E. Jackson Blvd., Suite 1109
Chicago, Il. 60604
Call Medina Johnson at HCP, 312 386-1009 x 229
Fax 312 386-1019