Madison Park North 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.
Madison Park North Apartments. has a project-based Section 8 contract. 202 of the 202 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 July 01, 2014 and the contract expires on June 30, 2015. The Section 8 contract rent is 72.9% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,298.00 for Two Bedroom, $1,663.00 for Three Bedroom, and $1,934.00 for Four Bedroom.
26% of Maryland properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.