Fair Housing
What is 'housing choice voucher' (Section 8) and how does it interact with Illinois fair housing?
AA federal grant for first-time homebuyers in Illinois
BA federal rental assistance program where HUD pays part of the rent for eligible low-income households✓ Correct
CA Chicago program providing discounted housing for city employees
DAn Illinois state program providing security deposit assistance
Explanation
The Housing Choice Voucher (Section 8) program is a federal rental assistance program where HUD subsidizes a portion of rent for eligible low-income households. The tenant pays the portion of rent exceeding 30% of their income; HUD pays the rest to the landlord.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Math Concepts
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