Roselyn Apartments
424 Nw 21st Ave
Portland, Multnomah County, Oregon 97209

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Funding Programs

Roselyn Apartments was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

Roselyn Apartments has a project-based Section 8 contract. 31 of the 31 total units at the property receive Section 8 assistance. This means that 100% 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 26, 2009 and the contract expires on May 25, 2029. The Section 8 contract rent is 124.6% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $886.00 for Zero Bedroom and $1,021.00 for One 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.

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 2009 for $152,030 with a 10 year value of $1,520,300. The property was placed in service in 2010. 31 of 31 units at Roselyn Apartments are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.

Overview

Roselyn Apartments 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).

Roselyn Apartments is an apartment community containing 31 rental units. The property contains 1 bedrooms and based on typical apartment occupancy limits, Roselyn Apartments is home to not more than 31 persons when fully occupied.

Rent Subsidies

Roselyn Apartments provides rental subsidies to renters. The type of subsidy provided to apartment renters in Portland, OR 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

Roselyn Apartments contains a mix of 31 assisted studio and one bedroom apartments for rent. There are 30 Studio and 1 One Bedroom apartments in this property. The unit mix is 97% Studio and 3% One Bedroom apartment rentals. The average bedroom size for Roselyn Apartments is 0.03.

Oregon's 3rd

Congressional District

31

Total Units

31

Tax Credit Units

31

Project Based Sec. 8 Units

124.6

% of Fair Market Rent

25-May-29

Project Based Sec. 8 Contract Expiration

Studio and One

Unit Mix

0.03

Average Bedroom Size

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