Valencia Point 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 2006 for $1,092,765 with a 10 year value of $10,927,650.
The property was placed in service in 2007.
166 of 168
units at Valencia Point are low income and subject to the tax credit program.
The property, at the time of the tax credit allocation,
was located in
a Difficult Development Area qualifying it for additional tax credit financing.
Valencia Point 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).
Valencia Point is an apartment community containing 168 rental units.
The property contains 348 bedrooms and based on typical apartment occupancy limits, Valencia Point
is home to not more than 678† 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.
Valencia Point contains a mix of 168 assisted
one, two, and three bedroom apartments for rent. There are 36 One Bedroom, 84 Two Bedroom, and 48 Three Bedroom apartments in this property. The unit mix is 21% One Bedroom, 50% Two Bedroom, and 29% Three Bedroom apartment rentals. The average bedroom size for Valencia Point is 2.07.