The Verandas 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 2000 for $402,986 with a 10 year value of $4,029,860.
The property was placed in service in 2003.
179 of 180
units at The Verandas Apartments are low income and subject to the tax credit program.
The property, at the time of the tax credit allocation,
was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.
The Verandas 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).
The Verandas Apartments is an apartment community containing 180 rental units.
This property serves seniors. The property contains 256 bedrooms and based on typical apartment occupancy limits, The Verandas Apartments
is home to not more than 460† 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.
The Verandas Apartments contains a mix of 180 assisted
one and two bedroom apartments for rent. There are 104 One Bedroom and 76 Two Bedroom apartments in this property. The unit mix is 58% One Bedroom and 42% Two Bedroom apartment rentals. The average bedroom size for The Verandas Apartments is 1.42.