East 168th St Cluster 380 E 166th St 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 HOME.
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 2003 for $78,696 with a 10 year value of $786,960.
The property was placed in service in 2004.
6 of 8
units at East 168th St Cluster 380 E 166th St 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.
6 of the 8 total units at East 168th St Cluster 380 E 166th St are assisted under the HOME
East 168th St Cluster 380 E 166th St is an affordable apartment community located in New York City, New York
which is located in New York County.
The property is located in New York's 13th Congressional
District served by Representative Adriano Espaillat (D),
Senator Charles Schumer (D) and Senator Kirsten Gillibrand (D).
East 168th St Cluster 380 E 166th St is an apartment community containing 8 rental units.
The property contains 16 bedrooms and based on typical apartment occupancy limits, East 168th St Cluster 380 E 166th St
is home to not more than 32† 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.
East 168th St Cluster 380 E 166th St contains a mix of 8 assisted
two bedroom apartments for rent. There are 8 Two Bedroom apartments in this property. The unit mix is 100% Two Bedroom apartment rentals. The average bedroom size for East 168th St Cluster 380 E 166th St is 2.