The 740 S Olive St Reside
740 S Olive St
Los Angeles, Los Angeles County, California 90014

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Funding Programs

The 740 S Olive St Reside 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

The 740 S Olive St Reside has a project-based Section 8 contract. 307 of the 307 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 May 01, 2009 and the contract expires on April 30, 2029. The Section 8 contract rent is 163.4% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $947.00 for Zero Bedroom and $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.

Overview

The 740 S Olive St Reside is an affordable apartment community located in Los Angeles, California which is located in Los Angeles County. The property is located in California's 34th Congressional District served by Representative Xavier Becerra (D), Senator Kamala Harris (D) and Senator Dianne Feinstein (D).

The 740 S Olive St Reside is an apartment community containing 307 rental units. The property contains 274 bedrooms and based on typical apartment occupancy limits, The 740 S Olive St Reside is home to not more than 444 persons when fully occupied.

Rent Subsidies

The 740 S Olive St Reside provides rental subsidies to renters. The type of subsidy provided to apartment renters in Los Angeles, CA 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

The 740 S Olive St Reside contains a mix of 307 assisted studio and one bedroom apartments for rent. There are 33 Studio and 274 One Bedroom apartments in this property. The unit mix is 11% Studio and 89% One Bedroom apartment rentals. The average bedroom size for The 740 S Olive St Reside is 0.89.

California's 34th

Congressional District

307

Total Units

307

Project Based Sec. 8 Units

163.4

% of Fair Market Rent

30-Apr-29

Project Based Sec. 8 Contract Expiration

Studio and One

Unit Mix

0.89

Average Bedroom Size

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