Richmond Gardens
247 Jersey St
New York City, New York County, New York 10301

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Funding Programs

Richmond Gardens 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

Richmond Gardens has a project-based Section 8 contract. 140 of the 141 total units at the property receive Section 8 assistance. This means that 99% 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 January 01, 2012 and the contract expires on December 31, 2031. The Section 8 contract rent is 108% 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, and $2,021.00 for Three 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

Richmond Gardens 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).

Richmond Gardens is an apartment community containing 140 rental units. The property contains 281 bedrooms and based on typical apartment occupancy limits, Richmond Gardens is home to not more than 544 persons when fully occupied.

Rent Subsidies

Richmond Gardens 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

Richmond Gardens contains a mix of 140 assisted one, two, and three bedroom apartments for rent. There are 35 One Bedroom, 69 Two Bedroom, and 36 Three Bedroom apartments in this property. The unit mix is 25% One Bedroom, 49% Two Bedroom, and 26% Three Bedroom apartment rentals. The average bedroom size for Richmond Gardens is 1.99.

New York's 13th

Congressional District

140

Total Units

140

Project Based Sec. 8 Units

108

% of Fair Market Rent

31-Dec-31

Project Based Sec. 8 Contract Expiration

One, Two, and Three

Unit Mix

1.99

Average Bedroom Size

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