FSP Realty will have SRO?s for rent. This rent is pretty reasonable when considering that some apartments will be more than double the price of the SRO when compared to an 1B apartment. Experts recommend that your rent+utilities should not be more than 35% of your income. Anything more than that, then the rent will likely become unsustainable. For someone receiving $995+$22.10 for SSI, then $750 is about ¾ of their income. And since there is no kitchen, then food prices will soar to a much higher price. At best, you might be able to get a few Hungry Man meals and put them into a microwave. Even this will become unsustainable which you might not even eat everyday because of finances.
With that in mind, FSP Realty will work with the tenant to subsidize the rent of the SRO to 35% or income. The tenant will have the room they need, and pay a price that is affordable. For someone on SSI, this is a $356 rent which gives $661 left for everything else. This is doable even though the SRO is not the destination. The subsidized rent program will require you to apply for a studio, or 1B apartment within FSP Realty’s places. If you do not take a suitable option, then you would immediately lose your subsidized price. You are required to provide the following:
- 6 Months Bank Statements
- Follow Rules
- FSP Realty Wait List/li>
- Proof of Homelessness
- Proof of Income
Bank Statements
FSP Realty needs 6 months of bank statements. This is to provide proof of your incoming money, and help assure that you do not exceed the income limits you would have in qualifying for subsidized housing. If you do not receive bank statements, you can go online and either download your statements to an USB thumb drive, or print them. If you place them on a thumb drive, make sure it is a .pdf file. This is essential for applying to get subsidized rent.
Follow Rules
You don’t have a lease, but you must follow all of the rules in regards to the lease. This will include no smoking in the building, and no damaging of property. If you have a pet, you would be allowed to keep the pet, but keep in mind, you may only have 1 pet per SRO.
FSP Realty Wait List
You must have applied for housing with FSP Realty. This will help assure that you are looking for better solutions. This application will be for either a Studio, or a 1B apartment. If you applied, then get subsidized rent with FSP Realty, and then revoke your application, you will be required to pay full SRO rent which defeats the purpose of a subsidized SRO.
Proof of Homelessness
To be in the subsidized SRO program, you must be homeless. This is to take in those that are in the most need. A document from an authority to declare that you have no permanent place to live must be provided. This document will be verified.
Proof of Income
You would need to provide proof of income. This includes income from DPA (Department of Public Assistance), Social Security, and any work. Failure to provide accurate proofs of income can lead to eviction, and being removed for any FSP Realty waiting list you may be on. You must provide proof of income that is current, and accurate (within 30 days). if your income changed since your last documentation, then you must provide that newly revised document. This will also include any family contributions (not loan repayments) that your family gives you on a regular basis.
To qualify for the subsidized program, your rent must be 150% of poverty. As of 2026, this is $1,950 per month. This is not a lot of money, but this is the point of low income resources. Assuming your regular income is $1,950 per month, you would be able to apply for the subsidized SRO. You will also be applying for subsidized studio, or 1B apartments within FSP Realty.