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For too many families, the cost of market rate rent is too expensive and the gross rent cost is higher than the household’s gross income. Nationally, more than three-quarters of the households earning less than $35,000 per year pay more than one-third of their monthly income towards rent. Without the benefit of a rent subsidy, these families would likely be homeless.
With the assistance of the Trust Fund subsidy, families are able to work toward economic self-sufficiency through opportunities that are obtainable when they have a place to call home.
The Trust Fund has also developed targeted initiatives to assist special needs groups with strategic services that link social services to housing subsidies.
Chicago Low-Income Housing Trust Fund is the largest City-funded rental assistance program in the nation and provides rental subsidies in 55 of Chicago’s 77 community areas.
To meet the permanent housing needs of Chicago’s very low-income residents. The Trust Fund assists residents living in poverty, with incomes not exceeding 30 percent of area median income, by providing well-maintained and affordable housing.