Guaranteed Monthly Income
HCV participants are responsible for paying you around 30% of their income every month with FRH directly paying you the remaining amount. FRH's payment is guaranteed because of the HAP contract you sign when your tenant moves in. Because HCV participants are paying truly affordable rent they are more likely to have enough money to pay you every month in full, reducing worries about struggling to get paid.
If a HCV participant’s income permanently changes, the portion of rent paid by FRH and the tenant is adjusted to reflect this change. This provides financial protection in that if a HCV participant’s income decreases, FRH can pay a larger portion of the rent directly to you so that you continue to receive a full rental payment.
Maintain Control Over Your Property and Policies
While there are a few additional steps to renting to a HCV participant (see Become a HCV Landlord), most of the process is the same as with any other tenant. All prospective HCV tenants will apply and be screened by you and must pass your screening criteria. You will still execute a formal lease between you and your tenant(s) which they are bound by during their tenancy. After the first year of tenancy, you can request a rental increase to keep up with changing market conditions through a rental increase request made at least 60 days before the end of the lease term. Though rare, if a tenant is found to be in breach of your lease agreement you are able to evict the tenant in accordance with legal procedures.
Free Property Inspections
When renting to a HCV participant all units must undergo a Housing Quality Standards (HQS) inspection. HQS inspections exist to make sure the unit is safe and decent so most Landlords have nothing to worry about. In fact, these inspections can help landlords identify minor maintenance issues before they snowball into something more severe and costly. Inspections are conducted once before a tenant moves in and the HAP contract is executed and then biennially after. If a unit does fail inspection, you have 30 days to remedy any non-life threatening issues and 24 hours to remedy life threatening issues. As with any other tenant, if they are responsible for damages they can be required to pay for repairs, per your lease agreement. Please see the HQS Inspection Checklist so you know what to expect ahead of your first inspection.
When you sign up for direct deposit with FRH you will receive an EFT of FRH's portion of rent each month on the first of the month. Tenants are bound by your lease terms and must follow those terms to continue to participate in the HCV program. This means they are motivated to pay you on-time, every month - and because their rent is affordable they are more likely to be able to pay the full amount on-time.
Keep Tenants Longer
The housing market is tough, especially for low-income renters. When HCV participants find a home that fits their needs, has a Landlord that accepts HCVs, and is affordable to them they often stay for many years. The average length of time a HCV participant stays in one rental is 8.75 years (HUD). This allows Landlords to have reliable renters for multiple years, lessening the costs of making ready units once renters leave, lessening the costs of marketing vacancies, and ensuring you don't miss rent for weeks or months while looking for a new tenant.
Have a Partner in the Housing Market
FRH is committed to the success of the HCV program, of which Landlords are an integral part! Our staff is here to answer any questions you might have about the HCV program, fair housing, evictions, reasonable accommodations/ modifications and more. We will help you market your vacant units to our HCV participants looking for somewhere to live, taking the burden off of you and helping you reach more tenants. If issues between you and your tenant arise we are able to mediate the situation, helping you reach an agreement that works for both of you.
Do Good in Our Community
We all know that the cost of housing in Jefferson County and the Denver Metro Area has increased exponentially. Unfortunately, many households are struggling to afford these inflated prices, especially our seniors, previously homeless neighbors, and neighbors with disabilities. The HCV program is a way to relieve these households of their housing cost burden, giving them the financial space to afford health care, nutritious foods, and contribute to our local economy. You can be a part of helping these families find stability - all while still receiving full, on-time rental payments and quality, long-term tenants.
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Equal Housing Opportunity Foothills Regional Housing does not discriminate on the basis of race, color, sex, national origin, familial status, age, sexual orientation, religion or handicap. FRH complies with Title VI of the Civil Rights Act of 1964, the Fair Housing Act, Section 504 of the Rehabilitation Act of 1973 and Title II of the Americans with Disabilities Act of 1990.