Opportunities Towers III
5524 Haverford Ave
Philadelphia, Philadelphia County, Pennsylvania 19139

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Funding Programs

Opportunities Towers Iii was developed and operates with Federal housing financing. The property utilizes the Section 202 Federal housing program to make rent affordable to lower income tenants.

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. Opportunities Towers Iii is among only 272 Section 202 properties in Pennsylvania and 6,166 in the country.

Overview

Opportunities Towers Iii is an affordable apartment community located in Philadelphia, Pennsylvania which is located in Philadelphia County. The property is located in Pennsylvania's 2nd Congressional District served by Representative Dwight Evans (D), Senator Patrick Toomey (R) and Senator Robert Casey (D).

Opportunities Towers Iii is an apartment community containing 59 rental units. The property contains 44 bedrooms and based on typical apartment occupancy limits, Opportunities Towers Iii is home to not more than 81 persons when fully occupied.

Rent Subsidies

Opportunities Towers Iii provides rental subsidies to renters. The type of subsidy provided to apartment renters in Philadelphia, PA 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

Opportunities Towers Iii contains a mix of 59 assisted studio and one bedroom apartments for rent. There are 15 Studio and 44 One Bedroom apartments in this property. The unit mix is 25% Studio and 75% One Bedroom apartment rentals. The average bedroom size for Opportunities Towers Iii is 0.73.

Pennsylvania's 2nd

Congressional District

59

Total Units

59

Project Based Sec. 8 Units

59

Section 202 Units

59

Senior Units

134.7

% of Fair Market Rent

07-Jul-31

Project Based Sec. 8 Contract Expiration

Studio and One

Unit Mix

0.73

Average Bedroom Size

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