Vermont Springs
1825 Sw Vermont St
Portland, Multnomah County, Oregon 97219

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Funding Programs

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.

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.

Overview

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.

Rent Subsidies

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.

Unit Mix

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.

Oregon's 3rd

Congressional District

14

Total Units

15

Tax Credit Units

14

Project Based Sec. 8 Units

14

Section 202 Units

14

Senior Units

77.2

% of Fair Market Rent

14-Aug-24

Project Based Sec. 8 Contract Expiration

One

Unit Mix

0.93

Average Bedroom Size

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