Real estate fee subsidizes rent to aid families

A $10 surcharge on all real estate recordings has been applied since Aug. 1 by the office of Cook County Recorder of Deeds Eugene Moore.

Pursuant to Senate Bill 75, the Rental Housing Support Program Act, the surcharge will help provide “rental subsidies for families unable to secure decent, safe and affordable rental housing,” Moore said.

In Cook County, the program is expected to assist between 4,000 and 5,000 families. In addition to improving quality of life and employability, the academic progress of children who attend school regularly should improve, he added.

Throughout the state the rental housing support initiative is projected to generate about $30 million during its first year. Grants will be made to landlords to make rental units affordable for households with median family incomes of less than $19,000 annually.

“This legislation will increase and spur rental housing development, especially in Cook County, in light of reduced federal support for affordable housing,” Moore said.