Washington Square III
410 10th St
Sacramento, Sacramento County, California 95814

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Funding Programs

Washington Square Iii was developed and operates with Federal housing financing. The property utilizes 3 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit, HOME, and Project Based Sec. 8.

Section 8

Washington Square Iii has a project-based Section 8 contract. 40 of the 53 total units at the property receive Section 8 assistance. This means that 75% 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 June 01, 2007 and the contract expires on May 31, 2027. The Section 8 contract rent is 110% 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, $1,026.00 for Two Bedroom, $1,495.00 for Three Bedroom, and $1,791.00 for Four 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 2007 for $570,120 with a 10 year value of $5,701,200. The property was placed in service in 2008. 53 of 53 units at Washington Square Iii 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.

HOME Investment Partnership

The property was financed in part with financing through the Federal HOME Investment Partnership Program. 53 of the 53 total units at Washington Square Iii are assisted under the HOME program. It received $1,138,000 ($21,472 per unit) in financing through the HOME program.

Overview

Washington Square Iii 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).

Washington Square Iii is an apartment community containing 40 rental units. The property contains 96 bedrooms and based on typical apartment occupancy limits, Washington Square Iii is home to not more than 188 persons when fully occupied.

Rent Subsidies

Washington Square Iii 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

Washington Square Iii contains a mix of 40 assisted one, two, three, and four bedroom apartments for rent. There are 8 One Bedroom, 16 Two Bedroom, 8 Three Bedroom, and 8 Four Bedroom apartments in this property. The unit mix is 20% One Bedroom, 40% Two Bedroom, 20% Three Bedroom, and 20% Four Bedroom apartment rentals. The average bedroom size for Washington Square Iii is 1.81.

California's 6th

Congressional District

40

Total Units

53

Tax Credit Units

53

HOME Units

40

Project Based Sec. 8 Units

110

% of Fair Market Rent

31-May-27

Project Based Sec. 8 Contract Expiration

One, Two, Three, and Four

Unit Mix

2.4

Average Bedroom Size

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