Security Deposit Alternatives PQL

This Security Deposit Alternatives Pre-Qualified List is closed. Entities already pre-qualified will continue to be pre-qualified subject to the terms of the RFEI. Submissions will be reviewed on a biennial basis with the next review to occur in 2025.

The New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) have selected a list of pre-qualified providers of security deposit alternatives as a resource for developers and marketing agents of City- and HDC-sponsored developments.

For more information, see the Security Deposit Alternatives FAQ.

These product descriptions and linked brochures are being provided as a convenience and for informational purposes only. Neither HPD nor HDC shall be responsible for the accuracy of the contents contained therein or any claims or losses sustained as a result of the use of these products. Contact the providers directly for answers to questions regarding their products.

Security Deposit Alternatives PQL

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IOA (Insurance Office of America)

Contact: Jeffrey Mann
Email: vasp@ioausa.com
Phone: 833-462-8277
Website: ioausa.com
Description: IOA/Voluntary Alternative Security Program (“IOA/VASPTM” or “Program”) is a rental deposit replacement product created through a partnership of IOA Insurance Services, a unit of the Insurance Office of America, and DepositSaverTM, LLC, a developer of alternative risk solutions for unique and emerging exposures. Adapted from a prior DepositSaverTM structure that we developed for owners of market-rent properties, the Program targets the affordability aspect of traditional cash security deposits for low- and moderate-income renters (“LMI renters”), while assuring suitable protection for owners and landlords from tenant defaults associated with unit damage and unpaid rent.

Qira

Contact: Dina Ufberg
Email: dina@qira.com
Phone: 888-497-5499
Website: qira.com
Description: Qira is at the forefront of fintech and proptech. We are the only provider with a financial solution for every resident-property interaction across the entire rent lifecycle - from application through move-out. Our security deposit alternative program saves renters cashflow when they need it most, while simultaneously providing landlords with better coverage than they’ve ever had before. With the most sophisticated underwriting and applicant decisioning methodology in the market , we consistently approve tricky applications that were auto declined by traditional tenant screening tools. Our philosophy enables us to widen the pool of available renters making it easier and quicker for landlords to onboard high-quality residents. Properties benefit from smoother operations, transparent and intuitive onboarding, cash management, and higher engagement. Qira offers the only cash-backed security deposit alternative where properties receiving up to 2x coverage on security deposits, claims are processed in 48 hours, and electronic settlements are issued the very next day. Qira completely removes the hassle of processing and collection from the owner/property manager. We also have a dedicated customer success team available for both landlords and renters. You’ll never have an issue reaching a real person! The fees for our security deposit alternative are the lowest in the market and our coverage is the most comprehensive. Qira's service is always completely free to properties. It’s a win-win for all parties involved. Learn more at www.qira.com.

Rhino

Contact: Jordan Stein
Email: jordan@sayrhino.com
Phone: 219-669-7141
Website: sayrhino.com
Description: Rhino was founded to give renters everywhere greater financial freedom to plan and enjoy their lives. Rhino eliminates the need for traditional security deposits by replacing them with smart, affordable insurance so renters can maintain control of their cash. Instead of a large upfront cash security deposit, renters pay Rhino a small monthly fee, and Rhino insures the property owner for damages that might occur and lost rent. To date, Rhino is offered in over 1.6 million homes, and has saved renters over $500 million in cash.