Park Avenue Cluster 3414 Park Ave 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 2004 for $57,160 with a 10 year value of $571,600.
The property was placed in service in 2005.
2 of 5
units at Park Avenue Cluster 3414 Park Ave 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.
2 of the 5 total units at Park Avenue Cluster 3414 Park Ave are assisted under the HOME
Park Avenue Cluster 3414 Park Ave 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).
Park Avenue Cluster 3414 Park Ave is an apartment community containing 5 rental units.
The property contains 9 bedrooms and based on typical apartment occupancy limits, Park Avenue Cluster 3414 Park Ave
is home to not more than 20† 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.
Park Avenue Cluster 3414 Park Ave contains a mix of 5 assisted
studio and three bedroom apartments for rent. There are 2 Studio and 3 Three Bedroom apartments in this property. The unit mix is 40% Studio and 60% Three Bedroom apartment rentals. The average bedroom size for Park Avenue Cluster 3414 Park Ave is 1.8.