Fountain Court Cooperative 1-4 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.
Fountain Court Cooperative 1-4 has a project-based Section 8 contract. 174 of the 351 total units at the property receive Section 8 assistance. This means that 50% 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 March 01, 2010 and the contract expires on February 28, 2030. The Section 8 contract rent is 95.5% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $658.00 for One Bedroom, $863.00 for Two Bedroom, $1,148.00 for Three Bedroom, and $1,234.00 for Four Bedroom.
27% of Michigan properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.