Fountain Place was developed and operates with Federal housing financing.
The property utilizes the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants.
Low Income Housing Tax Credit
The property was developed using the Low Income Housing Tax Credit Program.
This program incentivizes investors to inject capital into rental apartments for lower income Americans.
The property received a tax credit allocation in 2004 for $127,877 with a 10 year value of $1,278,770.
The property was placed in service in 2003.
64 of 80
units at Fountain Place are low income and subject to the tax credit program.
The property, at the time of the tax credit allocation,
was located in
a Qualified Census Tract qualifying it for additional tax credit financing.
Fountain Place is an affordable apartment community located in Portland, Oregon
which is located in Multnomah County.
The property is located in Oregon's 3rd Congressional
District served by Representative Earl Blumenauer (D),
Senator Ron Wyden (D) and Senator Jeff Merkley (D).
Fountain Place is an apartment community containing 80 rental units.
This property serves all family types. The property contains 21 bedrooms and based on typical apartment occupancy limits, Fountain Place
is home to not more than 96† persons when fully occupied.
This property does not provide any Federal rent subsidies to renters
reducing total tenant payments to 30% of their adjusted income. Renters are required to
pay the full rent, even if it is in excess of 30% of their income. In some cases the
property may accept Section 8 Housing Choice vouchers.
Fountain Place contains a mix of 80 assisted
studio, one, and two bedroom apartments for rent. There are 62 Studio, 15 One Bedroom, and 3 Two Bedroom apartments in this property. The unit mix is 78% Studio, 19% One Bedroom, and 4% Two Bedroom apartment rentals. The average bedroom size for Fountain Place is 0.26.