Casa Figueroa Apartments 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 2002 for $780,693 with a 10 year value of $7,806,930.
The property was placed in service in 2004.
48 of 49
units at Casa Figueroa Apartments 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 and a Difficult Development Area qualifying it for additional tax credit financing.
Casa Figueroa Apartments is an affordable apartment community located in Los Angeles, California
which is located in Los Angeles County.
The property is located in California's 34th Congressional
District served by Representative Xavier Becerra (D),
Senator Kamala Harris (D) and Senator Dianne Feinstein (D).
Casa Figueroa Apartments is an apartment community containing 49 rental units.
This property serves all family types. The property contains 142 bedrooms and based on typical apartment occupancy limits, Casa Figueroa Apartments
is home to not more than 284† 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.
Casa Figueroa Apartments contains a mix of 49 assisted
two, three, and four bedroom apartments for rent. There are 15 Two Bedroom, 24 Three Bedroom, and 10 Four Bedroom apartments in this property. The unit mix is 31% Two Bedroom, 49% Three Bedroom, and 20% Four Bedroom apartment rentals. The average bedroom size for Casa Figueroa Apartments is 2.9.