Chicago Low-Income Housing Trust Fund
Mission To meet the permanent housing needs of Chicago's very low-income residents. Chicago Low-Income Housing Trust Fund assists residents living in poverty, with incomes not exceeding 30 percent of area median income, by providing secure, safe, sound and affordable housing. The Trust Fund serves Chicago's low-income working households, the disabled, the elderly, and countless homeless individuals and families.
Background The Trust Fund was created by City Council ordinance on June 28, 1989 and was incorporated as a non-profit organization on February 27, 1990. A Mayoral-appointed Board of Directors supervises the business of the Trust Fund. The Board of Directors is comprised of 15 individuals who live in the City of Chicago, have diverse backgrounds and represent non-profit organizations, private corporations and City government. The Chicago Department of Planning and Development provides administrative staff support for Trust Fund activities.
Rental Subsidy: The Rental Subsidy program provides annual rental subsidies to owners of qualified buildings or developments located in the City of Chicago. This program reduces rents on a specified number of units approved by the Trust Fund Board of Directors in the building or development to a level that is affordable for very low-income individuals and families.
Landlords accepted into the program receive a one-year, renewable grant and are paid on a quarterly basis in advance. Renewals are based on successful performance and funding availability. The Rental Subsidy is granted to landlords on a unit or development basis, but such units must be occupied by qualified low income tenants.
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. Households that exceed the income limits are not eligible for the Rental Subsidy Program.
Multi-year Affordability through Upfront Investment (MAUI): MAUI supplies interest free forgivable loans to replace up to fifty percent of a developer's private first mortgage loan. The resulting savings are used to reduce the rents of very low-income tenants earning no more than thirty percent of the area median income.
For more information, visit the Trust Fund's web page.