Vermont Springs 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 Section 202.
The property was developed with funding through the HUD Section 202 program which provides funding for housing for seniors
who are 62 or older. The program provided both capital financing to construct the property and operating subsidies
that work as rental assistance like the Section 8 program.
Vermont Springs is among only 79† Section 202 properties
in Oregon and 6,166† in the country.
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 2007 for $35,171 with a 10 year value of $351,710.
The property was placed in service in 2007.
15 of 15
units at Vermont Springs 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.
Vermont Springs 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).
Vermont Springs is an apartment community containing 14 rental units.
This property serves disabled persons. The property contains 14 bedrooms and based on typical apartment occupancy limits, Vermont Springs
is home to not more than 21† persons when fully occupied.
Vermont Springs provides rental subsidies to renters. The type of subsidy provided to apartment renters in Portland, OR by this property is Section 202 Rental Assistance.
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 no minimum rent at this property for residents receiving a rent subsidy but
in recent years, there has been discussions in Congress to implement a minimum rent in the
Section 202 Program to reduce cost burden on the Federal budget.
Vermont Springs contains a mix of 14 assisted
one bedroom apartments for rent. There are 14 One Bedroom apartments in this property. The unit mix is 100% One Bedroom apartment rentals. The average bedroom size for Vermont Springs is 0.93.