Holmes Greenway Housing 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.
Holmes Greenway Housing has a project-based Section 8 contract. 50 of the 50 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 April 04, 2013 and the contract expires on April 03, 2023. The Section 8 contract rent is 113.9% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $813.00 for One Bedroom and $1,027.00 for Two Bedroom.
31% of Minnesota properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.