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.
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.