The Rent Guarantee Program (RGP) offers a crucial lifeline for both landlords and low-income households in Oregon, ensuring stable housing for those in need while providing financial security for property owners. At its core, the RGP aims to bridge the gap between landlords willing to rent to low-income households and tenants who face barriers to securing housing.
How Does the Rent Guarantee Program Work?
- Financial Assistance for Landlords: Landlords who rent to low-income households that have completed tenant readiness education can benefit from the RGP. The program guarantees payments to landlords for unpaid rent, eviction costs, and property damages caused by tenants.
- Reimbursement Process: Landlords can request reimbursement for unpaid rent and damages exceeding the tenant’s security deposit, up to a maximum of $5,000 per eligible tenancy. This reimbursement is subject to the submission of a complete and accurate request within 30 days of tenant vacancy or eviction, and verification of damages by the Program Provider.
- Qualifying Tenants: To qualify, tenants must have a total household annual income no greater than 60% of the area’s median income for their household size. They must also complete a Tenant Readiness Education course, be residents of Oregon, and face specific barriers to obtaining housing, such as poor credit history, criminal history, or eviction history.
- Tenant Readiness Education: Participating tenants must complete a comprehensive education course covering topics such as landlord/tenant law, rental agreements, personal finance, and fair housing rights. This course equips tenants with the knowledge and skills needed to be successful renters.
- Participating Landlords: Landlords must enter into a 12-month rental or lease agreement with a tenant and a Rent Guarantee Program agreement with a participating Program Provider to qualify for the program.
Benefits for Landlords and Tenants
- Financial Security for Landlords: The RGP provides landlords with financial security by guaranteeing payments for unpaid rent, eviction costs, and damages caused by tenants, reducing the risk of financial loss.
- Stable Housing for Tenants: Low-income households benefit from stable housing, knowing that their landlord will be reimbursed for unpaid rent and damages, reducing the risk of eviction and homelessness.
- Tenant Education: The Tenant Readiness Education course equips tenants with the knowledge and skills needed to be successful renters, improving their chances of maintaining stable housing in the future.
- Community Stability: By ensuring that low-income households have access to stable housing, the RGP contributes to community stability and reduces the risk of homelessness.
The Rent Guarantee Program plays a vital role in ensuring housing stability for both landlords and low-income households in Oregon. By providing financial assistance and tenant education, the program aims to create a win-win situation, benefiting landlords, tenants, and the community as a whole.