Illinois approves $10 million in subsidies for affordable housing

Illinois landlords offering affordable rental housing now have 10 million reasons to smile – all of them dollar bills.

Governor Pat Quinn announced an open-applications process for $10 million in subsidies Friday. Part of the Rental Housing Support Program (RHSP), the subsidies are available for landlords offering affordable housing to special needs residents, according to the Associated Press.

“All residents of Illinois deserve a safe and high-quality place to call home regardless of their needs,” Quinn said in a state release. “These investments will help landlords across Illinois give the gifts of stability and independence. Community-based housing offers its tenants confidence and the resources they need to be productive members of society.”

Subsidies are funded through a $10 fee collected from real estate document recordings and are administered by the Illinois Housing Development Authority. They are available over 15 years. To be eligible, a landlord must help up to 150 households headed by a person with a disability.

Quinn says the funding will help Illinois residents who rely on Supplemental Security Income or Social Security Disability Insurance, many of whom do not earn enough to pay for what is presently considered “affordable” rental housing, according to the AP.

Landlords can apply through June 10 at www.idha.org. Tenants will be chosen through the State Referral Network.