Pico Gramercy Family Hsg 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 1996 for $711,249 with a 10 year value of $7,112,490.
The property was placed in service in 1998.
48 of 49
units at Pico Gramercy Family Hsg 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.
Pico Gramercy Family Hsg 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).
Pico Gramercy Family Hsg is an apartment community containing 49 rental units.
This property serves all family types. The property contains 126 bedrooms and based on typical apartment occupancy limits, Pico Gramercy Family Hsg
is home to not more than 249† 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.
Pico Gramercy Family Hsg contains a mix of 49 assisted
one, two, three, and four bedroom apartments for rent. There are 6 One Bedroom, 15 Two Bedroom, 22 Three Bedroom, and 6 Four Bedroom apartments in this property. The unit mix is 12% One Bedroom, 31% Two Bedroom, 45% Three Bedroom, and 12% Four Bedroom apartment rentals. The average bedroom size for Pico Gramercy Family Hsg is 2.57.