Rental Subsidy Program
Dedicated to providing financial assistance to meet the housing needs of Chicago’s poorest residents, Chicago Low-Income Housing Trust Fund offers the Rental Subsidy Program. The Rental Subsidy Program provides rent subsidies to owners of qualified buildings or developments located in the City of Chicago.
Creating Stability
The Trust Fund is committed to housing and community stability. To achieve that, the subsidy stays with the approved building or development to provide ongoing affordable housing. The subsidy is not portable and does not move with any one tenant.
The permanency of the Trust Fund subsidy provides opportunity for:
- The building to have a stable rent base
- The family to have stability in their housing situation
- The family to care for the unit and become a part of the surrounding community
Program Details
Both non-profit and for-profit landlords can participate in the Rental Subsidy Program, offering a variety of housing types that include single-family homes, two flats, multi-unit apartment buildings and large single room occupancy (SRO) developments.
Properties are approved for a specific number of rental subsidies. Generally, no more than one-third of the units of the building will be subsidized by the Trust Fund. This discourages over-reliance on the subsidy while ensuring an income mix among tenants.
Allocation of Trust Fund Resources
The Trust Fund is required to use at least 50 percent of its resources for households earning less than 15 percent area median income and the balance of its resources for households earning 16 to 30 percent area median income.
Special Initiatives
Approximately 40 percent of Trust Fund subsidies are directed towards special initiatives. This includes assistance for individuals and families to enable them to move from shelters and outdoor spaces into permanent housing, persons living with HIV/AIDS, female headed households in job training programs, and veterans.
More Information
More information about the Rental Subsidy Program can be found in the Program Guide.
