Marion Street 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.
Marion Street Apartments has a project-based Section 8 contract. 6 of the 24 total units at the property receive Section 8 assistance. This means that 25% 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 May 01, 2015 and the contract expires on April 30, 2035. The Section 8 contract rent is 48.7% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,021.00 for One Bedroom and $1,208.00 for Two Bedroom.
26% of Oregon properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.