Betel Apartments 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.
Betel Apartments has a project-based Section 8 contract. 41 of the 50 total units at the property receive Section 8 assistance. This means that 82% 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 01, 2015 and the contract expires on July 31, 2035. The Section 8 contract rent is 113.2% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $2,289.00 for Two Bedroom, $2,987.00 for Three Bedroom, and $3,556.00 for Four 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.