Mission Plaza Aprtments 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.
Mission Plaza Aprtments has a project-based Section 8 contract. 132 of the 132 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 September 01, 2005 and the contract expires on August 31, 2025. The Section 8 contract rent is 165.8% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,412.00 for Zero Bedroom, $1,814.00 for One Bedroom, $2,289.00 for Two Bedroom, and $2,987.00 for Three 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.