Overmont House was developed and operates with Federal housing financing. The property utilizes the Project Based Sec. 8 Federal housing program to make rent affordable to lower income tenants.
Overmont House has a project-based Section 8 contract. 234 of the 250 total units at the property receive Section 8 assistance. This means that 94% 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 01, 2016 and the contract expires on April 30, 2017. The Section 8 contract rent is 103.8% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $830.00 for Zero Bedroom and $1,003.00 for One Bedroom.
29% of Pennsylvania properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.