The CHAC administers the CHA's Housing Choice Voucher Program which is a national rental assistance program, funded by the US Department of Housing and Urban Development (HUD). The goal of the program is to assist low- and moderate-income families to rent or own housing in the private market, by paying a portion of the family's rent or mortgage each month. Families participating in the Chicago Housing Choice Voucher (HCV) program can rent a single-family home, an apartment or a condominium. Supportive programming is also available and aimed at increasing financial independence. Rental - The units may be owned by individual property holders who have agreed to participate in the program. The property owner may receive tax breaks for participating in the program. Generally families receiving vouchers pay between 30 and 40 percent of their monthly income toward monthly rent and utilities and CHAC pays the difference directly to the property owner. Renting families must comply with the program rules and the terms of their lease with the property owner, permit housing inspections by CHAC, report changes in income and household composition and keep the unit in good condition. Also a security deposit loan fund may be available for families who move from a high-poverty neighborhood to a low-poverty neighborhood. Home Ownership - The homeownership program allows qualified families to use their vouchers to offset a portion of the mortgage, the same way they use their voucher to offset a portion of their rent. The family's HAP payment can be applied to their mortgage for a period of up to 15 years. During this time, the family builds equity and stability. In addition to the financial assistance, the program provides homebuyer education, credit counseling and other services to help voucher families navigate the process and increase their chances of making the transition to homeownership. To be a participant in the Chicago Housing Choice Voucher Program the head of household must be in compliance with all of the rules and requirements of the program, be a first-time homebuyer or have not owned for at least three years, earn at least $10,300 annually from employment or business and complete a pre-counseling program. OTHER SERVICES Family Self-Sufficiency Program (FSS) - Is a five year plan for participants in the voucher program to assist in the attainment of financial independence. Under FSS, participants enter into a contract with CHAC that identifies educational, career, financial and other goals, then a client service representative helps the client develop a plan of action that outlines specific activities and services needed to achieve those goals. Such services include education and job training, social services, business development, credit counseling, legal assistance, job placement and self-help workshops. Throughout the five-year period, the client service representative serves as coach and advisor, monitoring the participant's progress and helping him or her to reach the next level. FSS is also a saving program. As participants reach their goals, their income is likely to increase, causing their portion of the rent to increase. When this occurs, an amount equal to the increase is set aside in an escrow account for the participant. When the FSS contract is successfully completed, the participant receives all of the money in the account plus interest. Resources Center - Information about available resources are available for owners, staff, applicants and the general public. A sampling of offering include information about available services and programs, health education, higher education, budgeting and other topics. .. (continue to details page for more info and costs)
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