Mccoy Townhouses 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 Project Based Sec. 8.
Mccoy Townhouses has a project-based Section 8 contract. 74 of the 74 total units at the property receive Section 8 assistance. This means that 100% 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 March 03, 1978 and the contract expires on March 30, 2028. The Section 8 contract rent is 115.8% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $863.00 for Two Bedroom and $1,148.00 for Three Bedroom.
27% of Michigan 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 2009 for $238,758 with a 10 year value of $2,387,580. The property was placed in service in 2008. 74 of 74 units at Mccoy Townhouses 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 qualifying it for additional tax credit financing.