A budget revision request is a two-page form that is submitted by the property owner or by the designated authorized agent to request changes to the breakdown of an approved subsidy, this would include properties under consideration for an annual rent increase. CLIHTF's Board of Directors will either deny or approve each applicant's budget revision request for an annual rent increase based on the guidelines listed below. Applicants will be notified of the Board's decision in December of 2022.
All approved budget revisions will be applied to the applicant's 2023 Rental Subsidy Program Annual Agreement, to go into effect with the 2023 renewal of their tenant(s’) lease(s). Please note that rent increases are required to take place when the lease is renewed – this is a State of Illinois requirement for Trust Fund funding per the Rental Housing Support Program Act’s administrative requirements (47 IL Admin. Code 380.307).
If approved, rent increases shall take effect either at the time the lease for the Unit is renewed or, if a lease is not renewed, in the first month Rental Assistance is subsequently provided for a new Tenant for the Unit.