RSP

Property owners interested in applying to the Rental Subsidy program should consider the following:

• The building must be in the City of Chicago. The Trust Fund does not fund subsidies outside of the City of Chicago.
• The building or development must be well maintained, comply with all applicable local, state and federal laws, contain no conditions that would endanger the health and safety of its residents, and meet Housing Quality Standards. A site inspection will be conducted on behalf of the Trust Fund prior to acceptance into the Program. Re-inspections of the unit / property will be completed annually.
• Proposed buildings or developments must be financially viable and show evidence upon request.
• A maximum of one-third of the building’s total units may be subsidized through all programs of the Trust Fund, not simply limited to the Rental Subsidy Program. Exceptions to this policy may be considered for buildings on a case by case basis and on good cause shown.
• The gross rent amount charged (that is, the tenant portion plus the Trust Fund subsidy) must be consistent with market conditions, comparable to other neighborhood rents and must include heat. (Note: Some early agreements did not have this requirement.)
• Landlords are expected to market available subsidized units in a manner that allows broad access to qualified low-income tenants and are expected to comply with all laws concerning discrimination and fair housing.
• Subsidies cannot be used to assist the property owner or manager’s family.
• Low-income individuals or households that receive rental assistance under other programs are not eligible for this program.
• Landlords are required to submit annual income verifications for households assisted by the Rental Subsidy Program. All households are required to be within the income limits outlined in the income limits chart. This chart is updated annually by the City of Chicago in response to the report released from the U. S. Department of Housing and Economic Development.
• Landlords are expected to enter into written leases with qualified tenants with terms no shorter than one year.
• The Trust Fund establishes a flat rent rate for the tenant portion and is based on the two income tiers targeted by the Trust Fund. Rent rates can increase over the life of the unit participating in the Rental Subsidy Program due to the costs of operating a building. The rent rate increase can be applied to the tenant share or the subsidy share based on the application for a change approved by the Trust Fund Board of Directors.
• Properties provide basic referral information for social services that could be beneficial to low income households to support them remain stably housed.
• Rental Subsidy Program payments will be advanced on a quarterly basis after submission by the Landlord of all required documents. Adjustments will be made retroactively for vacant units and Landlords are not paid for vacant units.
• Property owners must submit a complete application to be considered.

Important Note: Submission of an application does not mean acceptance into the Rental Subsidy Program. Properties should keep unit(s) in the private market until an Agreement is issued and a tenant identified.