Industrial-stevens Building 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.
Industrial-stevens Building has a project-based Section 8 contract. 163 of the 165 total units at the property receive Section 8 assistance. This means that 99% 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 April 01, 2008 and the contract expires on March 31, 2021. The Section 8 contract rent is 127.8% 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 and $863.00 for Two 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.