West Bank Homes Iii 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.
West Bank Homes Iii has a project-based Section 8 contract. 8 of the 17 total units at the property receive Section 8 assistance. This means that 47% 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 December 01, 2015 and the contract expires on November 30, 2020. The Section 8 contract rent is 118.9% 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, $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.