Small Rental Properties
The Small Rental Properties Program was designed to help local governments meet a persistent housing problem—the need to rehabilitate small rental properties to increase or preserve the stock of safe, decent and affordable apartments.
Owners of small rental properties (four units or less) who take part in SRPP-assisted development must adhere to rent and income limits and provide 25% of the funds for rehabilitation. The maximum subsidy provided by SRPP is $14,999. Actual costs per unit may be greater than $14,999. Rehabilitated properties must meet HUD and IDHA housing quality standards.
At this time, the targeted area for rental property rehabilitation is Locust to Harrison Streets from 2nd to 12th Street.