Overmont House
4001 Monument Road
Philadelphia, Philadelphia County, Pennsylvania 19131

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Funding Programs

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.

Section 8

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.

Overview

Overmont House 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).

Overmont House is an apartment community containing 234 rental units. The property contains 31 bedrooms and based on typical apartment occupancy limits, Overmont House is home to not more than 249 persons when fully occupied.

Rent Subsidies

Overmont House provides rental subsidies to renters. The type of subsidy provided to apartment renters in Philadelphia, PA by this property is Project Based Sec. 8.

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 a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Overmont House contains a mix of 234 assisted studio and one bedroom apartments for rent. There are 203 Studio and 31 One Bedroom apartments in this property. The unit mix is 87% Studio and 13% One Bedroom apartment rentals. The average bedroom size for Overmont House is 0.12.

Pennsylvania's 2nd

Congressional District

234

Total Units

234

Project Based Sec. 8 Units

103.8

% of Fair Market Rent

30-Apr-17

Project Based Sec. 8 Contract Expiration

Studio and One

Unit Mix

0.12

Average Bedroom Size

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