Asbury Terrace is a not-for-profit housing development. It was established in 1971 with the help of the Mitchell-Lama program. This program provides housing to families with moderate incomes. The building was built and funded by HUD, the US Department of Housing and Urban Development. Residents can pay their rent with up to 30 percent of their gross income. The remaining amount is subsidized by the Section 8 housing program.