Investor · Chicago, IL · Member since 2015 · 5 posts · 0 votes
Does anyone have experience sourcing tenants through this program?
The program brings in homeless families - I think mostly single mothers - and pays for their rent while they get on their feet. It goes from 100% to 0% of assistance over 12 months.
I like the idea but I think a lot would depend on the specific tenant / the support the program provides the tenant in finding/keeping a job, etc.
We have one tenant through a similar program, not the exact one you mentioned. But they focus on single mothers coming from abused situations. It was originally for 1 year, they paid our asking price in rent. That 1 year ended around the time COVID began and we thought she would be moving but they asked if she can stay for another year, we said yes, now she is on her 3rd year. Fantastic tenant, program pays every month w/o question. Front window (a very large one) broke and the program covered all 2K+ costs. They visit the home every quarter and make sure she is doing the work the program requires and takes care of the home. Each inspection we have done of the home we find she is taking incredible care of the home.
Like you said, I think it always depends a lot on the tenant but I do like that the program checks on the home and her to make sure she is doing what she needs to do.