Hollywood Fountain North 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.
Hollywood Fountain North has a project-based Section 8 contract. 88 of the 89 total units at the property receive Section 8 assistance. This means that 99% 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 July 30, 2014 and the contract expires on July 29, 2019. The Section 8 contract rent is 129.2% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,154.00 for One Bedroom.
28% of California properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.