Applying for HCV Program in Chicago

[Benjamin J Paoletti]

Hi All,

What have other landlord's experience been like applying for and working with the HCV program? Pros and Cons? How long does it take to register your multi-family home as an owner?

I have two tenants in two of my units that are over 65, receive little social security and pay below market rent. I would like to keep them, but the previous landlord never raised rent the rent. 

They are paying about 15%-20% below market value, I would like to get the rent to market value or at least 10%-5% below market value because they are very good tenants.  

Instead of raising rent and scaring them away (their leases are both month to month right now) I was hoping to work with CHA to get them qualified for the voucher program but I need to register my property first.

I believe I also need to register as a vendor with the City of Chicago first and I am curious if anyone has advice on that process or how long it takes as well. 

The tenants are really great tenants and want to stay at the property for a long time. I know how valuable good tenants are. Is the process to register for HCV, raise rent, and keep them worth it or should I just move on to new tenants?

Any advice would be much appreciated.

Thank you!