Below, we’ll highlight the past impact of our incentives, explain how this transition centers our commitment to partners, and detail how our risk mitigation measures will continue to safeguard property owners and operators.
Our focus is shifting toward enhancing support for our current property owners and operators.
The Success of Threshold’s Incentives Program
Threshold’s incentive program has made a profound impact on housing stability for some of the most vulnerable Arizonans. By offering financial incentives, we helped property owners overcome concerns about tenant screening, vacancy loss, and financial risks. The result? A thriving network of property owners and operators committed to providing stable housing for individuals and families in need.
How Incentives Made a Difference
Since its inception, Threshold has:
- Paid out more than $2.88 million in incentives to property owners.
- Assisted over 1,250 households in securing stable housing.
- Expanded our network to over 500 property owners and operators, covering more than 1,350 properties statewide.
Beyond financial support, Threshold helped property owners embrace flexibility in their leasing criteria, allowing more tenants to secure housing despite common barriers. Specifically, we provided:
- $1.17 million to support reduced rent for more than 560 households.
- $335,000 to help more than 150 households secure housing despite a criminal history.
- $310,000 to assist more than 140 households with past evictions.
- $295,000 to help more than 135 households obtain housing despite having no reported income.
Our initiatives not only accelerated move-ins but also fostered long-term partnerships between property owners and tenants, contributing to the stability and sustainability of our community.
Why We’re Phasing Out Incentives
While incentives played a crucial role in building our program, their success has led us to a new phase: we now have more than enough property owners and available units. Because of this growth, our focus is shifting toward enhancing support for our current property owners and operators rather than actively recruiting new ones.
By reallocating resources, we can:
- Strengthen risk mitigation support efforts to ensure property owners continue to feel protected.
- Improve landlord support services for those already in the program.
- Ensure long-term sustainability so we can continue housing individuals and families in need without interruption.
- Though the incentives are ending, our commitment to helping property owners navigate financial risks remains stronger than ever.
Threshold helps rental property owners and operators manage financial risks from tenant damage and vacancy loss.
Continued Risk Mitigation Support
While our financial incentives were instrumental in establishing a viable network of property owners, we know that mitigating financial risk remains a top priority for those who lease to tenants with rental assistance. That’s why we’re reinforcing our commitment to risk mitigation support strategies that protect property owners from unexpected costs related to tenant damages and vacancy loss.
Damage Reimbursements
Tenant-related damages can be a major concern for property owners. To ease this burden, Threshold provides reimbursement for damages that exceed normal wear and tear.
- Coverage Amount: Property owners can receive reimbursement for up to one month’s contract rent to cover repair costs.
- Eligible Expenses: Includes damage to appliances, flooring, walls, and other essential features of the unit.
- Additional Costs Covered: Cleaning fees beyond what was collected at move-in and legal fees related to tenant-caused issues may also qualify.
This support ensures that property owners are not left shouldering the full financial burden of unit repairs after a tenant moves out.
Vacancy Loss Reimbursements
A vacant unit means lost income, which can significantly impact a property owner’s bottom line. Therefore, Threshold offers vacancy loss reimbursement to help offset financial strain when a unit remains unoccupied after a tenant moves out.
- Reimbursement Calculation: Property owners can receive compensation for unoccupied days, pro-rated from the last day of the tenant’s lease until a new lease is signed.
- Coverage Limit: Reimbursement is capped at one month’s contract rent.
- Financial Stability: This ensures that property owners and operators have a safety net during tenant transitions, helping them maintain cash flow while searching for a new renter.
Move-Out Inspections and Damage Claims
To ensure smooth processing of reimbursements, Threshold provides a structured move-out inspection and damage claims process.
- Move-Out Inspections: Property owners have two business days after a tenant vacates to request an inspection. The inspection, conducted by HOM, Inc., or the relevant service provider, documents the unit’s condition with photos and a detailed report.
- Filing a Damage Claim: Owners must submit a Damage Claim and Vacancy Loss Worksheet within 30 calendar days of the inspection, detailing repair costs or lost rent.
- Claim Submission: All claims should be emailed to damageclaims@hominc.com for processing.
By following these steps, property owners can receive timely reimbursements and minimize financial risks associated with tenant turnover.
An example of how to calculate a risk mitigation reimbursement.
What This Means for Property Owners
As a property owner or operator participating in Threshold, you remain a vital part of our mission to provide stable housing for individuals and families in need. While the financial incentives have ended, our risk mitigation measures ensure you continue to receive strong financial protection when renting to tenants with rental assistance.
Here’s what you can expect moving forward:
Continued Financial Protection
- You’re still covered. Threshold’s risk mitigation support program ensures reimbursement for tenant-caused damages and vacancy loss.
- Your investments are protected. With up to one month’s contract rent in damage reimbursements and vacancy loss coverage, you can lease with confidence.
More Personalized Support
- Better landlord services. With our focus now on existing property owners, we are enhancing our landlord support services to provide faster responses and more direct assistance.
- Easier access to resources. Whether it’s navigating damage claims, understanding tenant responsibilities, or working through lease transitions, we’re here to offer guidance every step of the way.
A Sustainable, Long-Term Partnership
- We’re in this for the long haul. By shifting from incentives to risk mitigation, we’re ensuring that Threshold remains financially stable and effective for years to come.
- Your role remains crucial. Your continued participation helps keep individuals and families housed while protecting your bottom line.
The Next Chapter
While this transition marks the end of one phase of our program, it also signals the beginning of a stronger, more sustainable partnership with our valued property owners and operators. We remain dedicated to ensuring your experience as a property owner remains secure, predictable, and beneficial. Our continued risk mitigation measures provide financial protection for your investments, while our strengthened landlord support services ensure you have the resources you need to navigate the rental process with confidence.
We understand that change can bring questions, and we’re here to provide clarity and support. If you have any questions about risk mitigation, reimbursement processes, or general landlord support, please contact us today.
Thank you for being part of Threshold’s success. We look forward to continuing this journey with you!
