Westhills Square 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.
Westhills Square has a project-based Section 8 contract. 20 of the 84 total units at the property receive Section 8 assistance. This means that 24% 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 April 07, 2013 and the contract expires on April 06, 2033. The Section 8 contract rent is 99.6% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,071.00 for Three Bedroom and $1,507.00 for Four Bedroom.
26% of Maryland 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 2002. The property was placed in service in 2003. 84 of 84 units at Westhills Square 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.
HOME Investment Partnership
The property was financed in part with financing through the Federal HOME Investment Partnership Program. 84 of the 84 total units at Westhills Square are assisted under the HOME program.