Paradise Palms Ii bond 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 1999.
The property was placed in service in 2001.
102 of 110
units at Paradise Palms Ii bond are low income and subject to the tax credit program.
The property, at the time of the tax credit allocation,
was located in
a Qualified Census Tract qualifying it for additional tax credit financing.
Paradise Palms Ii bond is an affordable apartment community located in Phoenix, Arizona
which is located in Maricopa County.
The property is located in Arizona's 6th Congressional
District served by Representative David Schweikert (R),
Senator John McCain (R) and Senator Jeff Flake (R).
Paradise Palms Ii bond is an apartment community containing 110 rental units.
The property contains 204 bedrooms and based on typical apartment occupancy limits, Paradise Palms Ii bond
is home to not more than 378† persons when fully occupied.
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.
Paradise Palms Ii bond contains a mix of 110 assisted
one, two, and four bedroom apartments for rent. There are 60 One Bedroom, 28 Two Bedroom, and 22 Four Bedroom apartments in this property. The unit mix is 55% One Bedroom, 25% Two Bedroom, and 20% Four Bedroom apartment rentals. The average bedroom size for Paradise Palms Ii bond is 1.85.