Property Rental Assistance 2012. Program Objectives 2 ● Expand affordable housing opportunities throughout Chicago (see map on handout) ● Provide owners.

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Presentation transcript:

Property Rental Assistance 2012

Program Objectives 2 ● Expand affordable housing opportunities throughout Chicago (see map on handout) ● Provide owners with reliable & straight forward rental income ● Provide housing options for: ● Working Families ● Seniors ● Supportive Housing for specific populations including:  Family Supportive  Senior (Assisted / Supportive)  Intergenerational / Grand- Families  Individual  Veterans

Program Parameters 3 1.All types of units accepted; but 8 unit minimum a.Up to 40% subsidy for multi-unit family buildings b.Up to 50% subsidy for multi-unit senior buildings c.Up to 100% subsidy for supportive housing 2.Contracts up to 30 years but no less than 5 Rent Determination: CHA determines the contract rent by accepting the lowest of the following amounts:  300% of the current published Fair Market Rent (FMR) for the applicable bedroom size  Average market comparables  Owner requested amount

Application Process 4 Application Process: 1.Available at days processing time 3.Subject to Evaluation Committee and Board approval 4.Properties Scored on the following: a.Property description, unit mix, type and size (25 pts) b.Neighborhood characteristics(25 pts) c.Owner Experience (20 pts) d.Manager Experience (20 pts) e.Rent Schedule Request (10 pts)