Armstrong Place Senior Housing 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 Section 202.
The property was developed with funding through the HUD Section 202 program which provides funding for housing for seniors
who are 62 or older. The program provided both capital financing to construct the property and operating subsidies
that work as rental assistance like the Section 8 program.
Armstrong Place Senior Housing is among only 490† Section 202 properties
in California and 6,166† in the country.
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 $1,260,800 with a 10 year value of $12,608,000.
The property was placed in service in 2010.
115 of 116
units at Armstrong Place Senior Housing 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.
Armstrong Place Senior Housing is an affordable apartment community located in San Francisco, California
which is located in San Francisco County.
The property is located in California's 12th Congressional
District served by Representative Nancy Pelosi (D),
Senator Kamala Harris (D) and Senator Dianne Feinstein (D).
Armstrong Place Senior Housing is an apartment community containing 116 rental units.
This property serves seniors. The property contains 105 bedrooms and based on typical apartment occupancy limits, Armstrong Place Senior Housing
is home to not more than 170† persons when fully occupied.
Armstrong Place Senior Housing provides rental subsidies to renters. The type of subsidy provided to apartment renters in San Francisco, CA by this property is Section 202 Rental Assistance.
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 no minimum rent at this property for residents receiving a rent subsidy but
in recent years, there has been discussions in Congress to implement a minimum rent in the
Section 202 Program to reduce cost burden on the Federal budget.
Armstrong Place Senior Housing contains a mix of 116 assisted
studio, one, and two bedroom apartments for rent. There are 12 Studio, 103 One Bedroom, and 1 Two Bedroom apartments in this property. The unit mix is 10% Studio, 89% One Bedroom, and 1% Two Bedroom apartment rentals. The average bedroom size for Armstrong Place Senior Housing is 0.91.