West 149th St 2nd Cluster 2554 7th 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 2003 for $96,613 with a 10 year value of $966,130.
The property was placed in service in 2004.
10 of 13
units at West 149th St 2nd Cluster 2554 7th 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.
10 of the 13 total units at West 149th St 2nd Cluster 2554 7th Ave are assisted under the HOME
West 149th St 2nd Cluster 2554 7th 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).
West 149th St 2nd Cluster 2554 7th Ave is an apartment community containing 13 rental units.
The property contains 31 bedrooms and based on typical apartment occupancy limits, West 149th St 2nd Cluster 2554 7th Ave
is home to not more than 62† 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.
West 149th St 2nd Cluster 2554 7th Ave contains a mix of 13 assisted
two and three bedroom apartments for rent. There are 8 Two Bedroom and 5 Three Bedroom apartments in this property. The unit mix is 62% Two Bedroom and 38% Three Bedroom apartment rentals. The average bedroom size for West 149th St 2nd Cluster 2554 7th Ave is 2.38.