Roosevelt Plaza
945 North 40th Street
Phoenix, Maricopa County, Arizona 85008

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Funding Programs

Roosevelt Plaza was developed and operates with Federal housing financing. The property utilizes the Project Based Sec. 8 Federal housing program to make rent affordable to lower income tenants.

Section 8

Roosevelt Plaza has a project-based Section 8 contract. 100 of the 100 total units at the property receive Section 8 assistance. This means that 100% of the renter households in the property pay no more than 30% of their adjusted income for rent.

The current Section 8 contract was effective on August 08, 1980 and the contract expires on August 07, 2020. The Section 8 contract rent is 91.8% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,332.00 for Three Bedroom and $1,558.00 for Four Bedroom.

19% of Arizona properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

Overview

Roosevelt Plaza is an affordable apartment community located in Phoenix, Arizona which is located in Maricopa County. The property is located in Arizona's 6th Congressional District served by Representative David Schweikert (R), Senator John McCain (R) and Senator Jeff Flake (R).

Roosevelt Plaza is an apartment community containing 100 rental units. The property contains 318 bedrooms and based on typical apartment occupancy limits, Roosevelt Plaza is home to not more than 636 persons when fully occupied.

Rent Subsidies

Roosevelt Plaza provides rental subsidies to renters. The type of subsidy provided to apartment renters in Phoenix, AZ by this property is Project Based Sec. 8.

This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.

There is a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Roosevelt Plaza contains a mix of 100 assisted three and four bedroom apartments for rent. There are 82 Three Bedroom and 18 Four Bedroom apartments in this property. The unit mix is 82% Three Bedroom and 18% Four Bedroom apartment rentals. The average bedroom size for Roosevelt Plaza is 3.18.

Arizona's 6th

Congressional District

100

Total Units

100

Project Based Sec. 8 Units

91.8

% of Fair Market Rent

07-Aug-20

Project Based Sec. 8 Contract Expiration

Three and Four

Unit Mix

3.18

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data