HUD ANNOUNCES $5,008,722 IN HOUSING ASSISTANCE TO CHICAGO
Funding Helps 729 New Families Find Affordable Housing

CHICAGO - The Department of Housing and Urban Development awarded $5,008,722 for 729 new rental-assistance vouchers to Chicago to help low-income families rent apartments or buy homes.

Chicago is one of two housing agencies in Illinois to receive the new Housing Choice Vouchers (HCV), approved in HUD's 2002 budget. The city's HCV program currently assists more than 36,700 families.

"These new vouchers will help more Chicago families find affordable housing," said HUD Assistant Secretary Michael Liu.

Chicago vouchers are part of the $95 million in vouchers HUD awarded to 48 states and Puerto Rico. The vouchers
will allow 16,460 low-income families to lease or purchase homes or apartment units. All totaled, the two housing agencies in Illinois received $5,216,223 for 769 new vouchers today.

HUD also awarded $207,501 for 40 new rental-assistance vouchers to DeKalb County. The County's HCV program currently assists more than 200 families.

HUD's Housing Choice Vouchers Program is the federal government's major initiative that helps low-income families, including the elderly and disabled, afford housing. The HCV Program currently assists 1.8 million families with rent payments. Over the past three years, about 300 families have used their vouchers to become homeowners. Families receiving HUD rental assistance vouchers generally pay 30 percent of their income for rent, with HUD subsidies
picking up the remainder.

The vouchers distributed today are called "fair share vouchers" because they are distributed to communities that compete based on the housing needs of low-income families in each state. Only PHAs that demonstrated an ability
to use 97 percent of their 2001 vouchers were eligible to compete for the new vouchers.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as
enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet.

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