Village At Lovejoy Fountain
245 Sw Lincoln Street
Portland, Multnomah County, Oregon 97201

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Funding Programs

Village At Lovejoy Fountain 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 2000 for $97,785 with a 10 year value of $977,850. The property was placed in service in 1999. 40 of 198 units at Village At Lovejoy Fountain 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

Village At Lovejoy Fountain 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).

Village At Lovejoy Fountain is an apartment community containing 198 rental units. This property serves all family types. The property contains 197 bedrooms and based on typical apartment occupancy limits, Village At Lovejoy Fountain is home to not more than 384 persons when fully occupied.

Rental Subsidies

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.

Unit Mix

Village At Lovejoy Fountain contains a mix of 198 assisted studio, one, and two bedroom apartments for rent. There are 45 Studio, 109 One Bedroom, and 44 Two Bedroom apartments in this property. The unit mix is 23% Studio, 55% One Bedroom, and 22% Two Bedroom apartment rentals. The average bedroom size for Village At Lovejoy Fountain is 0.99.

Oregon's 3rd

Congressional District

198

Total Units

40

Tax Credit Units

Studio, One, and Two

Unit Mix

0.99

Average Bedroom Size

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