McDonald Square/mht Ldha Lp
2900 E Vernon
Detroit, Wayne County, Michigan 48207

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Funding Programs

Mcdonald Square/mht Ldha Lp was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

Mcdonald Square/mht Ldha Lp has a project-based Section 8 contract. 180 of the 180 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 March 31, 1980 and the contract expires on August 29, 2020. The Section 8 contract rent is 98.7% 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, and $1,148.00 for Three 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.

Low Income Housing Tax Credit

The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. The property received a tax credit allocation in 2009 for $691,764 with a 10 year value of $6,917,640. The property was placed in service in 2008. 180 of 180 units at Mcdonald Square/mht Ldha Lp are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.

Overview

Mcdonald Square/mht Ldha Lp is an affordable apartment community located in Detroit, Michigan which is located in Wayne County. The property is located in Michigan's 14th Congressional District served by Representative Brenda Lawrence (D), Senator Gary Peters (D) and Senator Debbie Stabenow (D).

Mcdonald Square/mht Ldha Lp is an apartment community containing 180 rental units. This property serves all family types, seniors, and disabled persons. The property contains 360 bedrooms and based on typical apartment occupancy limits, Mcdonald Square/mht Ldha Lp is home to not more than 704 persons when fully occupied.

Rent Subsidies

Mcdonald Square/mht Ldha Lp provides rental subsidies to renters. The type of subsidy provided to apartment renters in Detroit, MI by this property is Project Based Sec. 8.

This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.

There is a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Mcdonald Square/mht Ldha Lp contains a mix of 180 assisted one, two, and three bedroom apartments for rent. There are 32 One Bedroom, 116 Two Bedroom, and 32 Three Bedroom apartments in this property. The unit mix is 18% One Bedroom, 64% Two Bedroom, and 18% Three Bedroom apartment rentals. The average bedroom size for Mcdonald Square/mht Ldha Lp is 2.

Michigan's 14th

Congressional District

180

Total Units

180

Tax Credit Units

180

Project Based Sec. 8 Units

180

Senior Units

98.7

% of Fair Market Rent

29-Aug-20

Project Based Sec. 8 Contract Expiration

One, Two, and Three

Unit Mix

2

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data