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For owners, timely rent payments from the program is a major benefit of leasing to families with vouchers. |
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Benefits of Participation
Property owners and managers all across the Chicago metropolitan area have made the Chicago Housing Choice Voucher Program an integral aspect of a successful real estate management strategy. Under the program, owners can lease single-family homes, apartments or condominiums in Chicago, the suburbs, or any city in the country--so long as the city has a housing authority and a voucher program.
One of the most common misconceptions about the program is that owners lose control of their property management decisions when the lease to a voucher holder. Nothing could be further from the truth. Just like with market tenants, owners have the right to screen voucher families for suitability, require a security deposit, collect rent, and enforce the provisions of their lease, including settling disputes with tenants and evicting those who violate the lease.
At the same time, the program offers substantial benefits. Steady cash flow, free property listings, an additional pool of applicants, free annual property inspections, lower vacancy rates, more stable tenants, as well as the opportunity to increase the supply of affordable housing in our community are some of the reasons that over 15,000 owners participate in the program.
One of the newest benefits is a program that offers a reduction in property taxes for owners of properties in certain census tracts.
To qualify for the Housing Choice Voucher Tax Savings program in Chicago, owners must meet the following guidelines:
- The property must be located in a census tract with a poverty rate below 10 percent
- At least one unit must be leased to a family participating in the Chicago Housing Choice Voucher Program as of January 1 of the year for which the owner is applying for the tax savings
- The eligible unit(s) must be in compliance with federal housing quality inspection standards as of January 1 of the year for which the owner is applying
- The building must be in substantial compliance with local building codes
DOWNLOADS:
Owner's Guide to The Chicago Housing Choice Voucher Program
Owner Orientation Sessions
Tax savings program application
Census tract instructions for tax savings program
