Rent Supplements
DESCRIPTION:
- Rent supplements are payments to owners of private housing on behalf of qualified low-income tenants.
- Rent supplements come in the form of vouchers that tenants can apply to rent at the property of their choosing.
FUNCTION:
- Rent supplements increase rental income on the property being financed.
- Rent supplements may increase demand for the units, resulting in lower vacancy rates and more stable rental income.
QUALIFICATION AND USE CRITERIA:
- Properties must meet space and bedroom configuration requirements.
- Tenant's income cannot exceed 50% of the median income for the area.
- Tenant's rent cannot exceed 30% of their income.
PROGRAM STRUCTURE:
- Qualified property owners or individuals are generally accepted on a first-come, first-served basis from a waiting list of approved applicants.
- Property owners often use rent supplements in conjunction with other enhancements.
DOWNLOADABLE DOCUMENTS (PDF):
Adobe Acrobat Reader or Plug-in required to view PDF documents.
