Rental Property Investor · Chicago, IL · Member since 2017 · 269 posts · 189 votes
Hello Everyone,
I know that Congress just recently passed legislation providing 25 billion in rental assistance. I know this is being given to individual states to disperse. For Illinois specifically, has anyone heard about the timeline for receiving those funds and how to apply? I have not found anything yet online.
We are all anxiously awaiting word when these will be available. Since you're from the Chicago area, I suggest you listen to the "Landlord Workshop" meetings from Fairview Realty every Thursday afternoon. https://rentroster.us4.list-manage.com/track/click?u=e88e905525f6828012c4b021c&id=bd68844893&e=50f811b063
They update us on everything important that's going on with property management in Illinois and the Chicagoland area, including the rental assistance funds. They'll let us know when these funds will be available and how they will work. We've also been discussing the new Cook County Residential Landlord Tenant Ordinance, and last year we had a long discussion about the Just Housing Ordinance. There are so many things happening now, it's important to plug into a group that will help you.
This website lists the grants that are active and proposed. Most of the ones I saw are geared more towards non for profits that are involved in housing and other aspects of community development. The majority of programs that I've seen, in cook county also require that the participant be a non-for-profit organization or a private investor partnering with one. This grant list, although it may not apply directly to you, will give you an idea of where the money is going.
Where I have seen as the advantage to private investors, is through lending programs such as portfolio loans, loans for down payment assistance and some acquisition assistance of vacant properties and distressed properties. The majority of government money will go to organizations that are already established. As individual investors we should see some programs coming through local housing authorities, local governments and other non-for-profit organizations.
Find your local housing authority.
Start looking at the qualifications for the programs that are offered. Contact information for the programs are often listed on the websites.
You can also follow projects that were already granted. There is an opportunity to take over projects that other people could not finish, but you need to stay in contact with the individuals that administer the programs.
There are a lot of links in the website to other websites, programs and organizations in this space. I learned all this from a YouTube Video and a little research. There's a lot of information in these websites you need to be patient and spend some time to dig it out. AND TAKE NOTES! You will come across good information that will be hard to get back to if you don't.
Check with your county government and see if they opted out of letting the state control and maybe disperse funds. Some counties in Southern Illinois opted out of state control and went straight to the Treasury Department for funding. Those that did not are waiting on the Springfield Siphon to see if there is any money left in 60 to 90 days.
I think misunderstood your question. Are you looking for funds for an investment project or purchase?
Or are you looking for money to pay rent and back rent? Below is a website for the ERA program. Looks like the program is not open yet, for applications.
There are always private charities and some state programs that assist with rental payments, without the ERA program.
Catholic Charities and Facing Forward just to name a couple. They probably won't provide as much as the ERA program. I've seen these charities provide a month's rent or pay a portion of rent while a tenant is transitioning between jobs or waiting on unemployment.
It is good to stay up on who provides rental assistance because you can always direct a tenant to them if it looks like they are going to need some assistance. The housing authority of cook county also had some information on the website but all they said was they were working on rolling it out.
We are all anxiously awaiting word when these will be available. Since you're from the Chicago area, I suggest you listen to the "Landlord Workshop" meetings from Fairview Realty every Thursday afternoon. https://rentroster.us4.list-manage.com/track/click?u=e88e905525f6828012c4b021c&id=bd68844893&e=50f811b063
They update us on everything important that's going on with property management in Illinois and the Chicagoland area, including the rental assistance funds. They'll let us know when these funds will be available and how they will work. We've also been discussing the new Cook County Residential Landlord Tenant Ordinance, and last year we had a long discussion about the Just Housing Ordinance. There are so many things happening now, it's important to plug into a group that will help you.