658 Montgomery Street
658 Montgomery St
New York City, New York County, New York 11225

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Funding Programs

658 Montgomery Street 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.

Section 8

658 Montgomery Street has a project-based Section 8 contract. 37 of the 38 total units at the property receive Section 8 assistance. This means that 97% 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 September 01, 2015 and the contract expires on August 31, 2020. The Section 8 contract rent is 117.2% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,357.00 for One Bedroom, $1,571.00 for Two Bedroom, $2,021.00 for Three Bedroom, and $2,224.00 for Four Bedroom.

26% of New York properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

Overview

658 Montgomery Street is an affordable apartment community located in New York City, New York which is located in New York County. The property is located in New York's 13th Congressional District served by Representative Adriano Espaillat (D), Senator Charles Schumer (D) and Senator Kirsten Gillibrand (D).

658 Montgomery Street is an apartment community containing 37 rental units. The property contains 75 bedrooms and based on typical apartment occupancy limits, 658 Montgomery Street is home to not more than 146 persons when fully occupied.

Rent Subsidies

658 Montgomery Street provides rental subsidies to renters. The type of subsidy provided to apartment renters in New York City, NY 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

658 Montgomery Street contains a mix of 37 assisted one, two, three, and four bedroom apartments for rent. There are 8 One Bedroom, 22 Two Bedroom, 5 Three Bedroom, and 2 Four Bedroom apartments in this property. The unit mix is 22% One Bedroom, 59% Two Bedroom, 14% Three Bedroom, and 5% Four Bedroom apartment rentals. The average bedroom size for 658 Montgomery Street is 1.97.

New York's 13th

Congressional District

37

Total Units

37

Project Based Sec. 8 Units

117.2

% of Fair Market Rent

31-Aug-20

Project Based Sec. 8 Contract Expiration

One, Two, Three, and Four

Unit Mix

1.97

Average Bedroom Size

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