Southcrest Apartments
7390 24th St
Sacramento, Sacramento County, California 95822

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Funding Programs

Southcrest Apartments was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

Southcrest Apartments has a project-based Section 8 contract. 30 of the 30 total units at the property receive Section 8 assistance. This means that 100% 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 October 01, 2008 and the contract expires on September 30, 2028. The Section 8 contract rent is 101.7% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $815.00 for One Bedroom and $1,026.00 for Two Bedroom.

28% of California properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

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 2008 for $144,142 with a 10 year value of $1,441,420. The property was placed in service in 2009. 29 of 30 units at Southcrest 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 qualifying it for additional tax credit financing.

Overview

Southcrest Apartments is an affordable apartment community located in Sacramento, California which is located in Sacramento County. The property is located in California's 6th Congressional District served by Representative Doris Matsui (D), Senator Kamala Harris (D) and Senator Dianne Feinstein (D).

Southcrest Apartments is an apartment community containing 30 rental units. The property contains 44 bedrooms and based on typical apartment occupancy limits, Southcrest Apartments is home to not more than 80 persons when fully occupied.

Rent Subsidies

Southcrest Apartments provides rental subsidies to renters. The type of subsidy provided to apartment renters in Sacramento, CA 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

Southcrest Apartments contains a mix of 30 assisted one and two bedroom apartments for rent. There are 16 One Bedroom and 14 Two Bedroom apartments in this property. The unit mix is 53% One Bedroom and 47% Two Bedroom apartment rentals. The average bedroom size for Southcrest Apartments is 1.47.

California's 6th

Congressional District

30

Total Units

29

Tax Credit Units

30

Project Based Sec. 8 Units

101.7

% of Fair Market Rent

30-Sep-28

Project Based Sec. 8 Contract Expiration

One and Two

Unit Mix

1.47

Average Bedroom Size

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