Plymouth Avenue Townhouses was developed and operates with Federal housing financing. The property utilizes 3 Federal housing programs to make rent affordable to lower income tenants. These programs are Section 515, Rural Development Rental Assistance, and Project Based Sec. 8.
Plymouth Avenue Townhouses has a project-based Section 8 contract. 136 of the 136 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, 2016 and the contract expires on June 30, 2036. The Section 8 contract rent is 106% 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, $1,027.00 for Two Bedroom, and $1,444.00 for Three 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.
The property was constructed using the USDA Rural Development Section 515 Rural Rental Housing Program. The program provides low interest rates with longer amortization periods for rental housing built in rural areas of America. Plymouth Avenue Townhouses is among 540† Section 515 projects in Minnesota and 12,858† Section 515 projects in the United States.
Rural Development Rental Assistance
The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 515 properties, insures renters only pay 30% of their adjusted income toward rent. 40 apartment units at Plymouth Avenue Townhouses receive rental assistance. 29% of the units at Plymouth Avenue Townhouses have Rental Assistance. 62% of Minnesota Section 515 units and 65% of Section 515 units across the country are assisted with Rental Assistance.