Michelangelo Apartments 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.
Michelangelo Apartments has a project-based Section 8 contract. 196 of the 494 total units at the property receive Section 8 assistance. This means that 40% 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 30, 1976 and the contract expires on October 31, 2016. The Section 8 contract rent is 53.6% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,293.00 for Zero Bedroom, $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.