Garden Park Estates was developed and operates with Federal housing financing.
The property utilizes the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants.
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 $148,501 with a 10 year value of $1,485,010.
The property was placed in service in 2002.
63 of 63
units at Garden Park Estates 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.
Garden Park Estates is an affordable apartment community located in Portland, Oregon
which is located in Multnomah County.
The property is located in Oregon's 3rd Congressional
District served by Representative Earl Blumenauer (D),
Senator Ron Wyden (D) and Senator Jeff Merkley (D).
Garden Park Estates is an apartment community containing 63 rental units.
This property serves all family types. The property contains 127 bedrooms and based on typical apartment occupancy limits, Garden Park Estates
is home to not more than 254† 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.
Garden Park Estates contains a mix of 63 assisted
two and three bedroom apartments for rent. There are 62 Two Bedroom and 1 Three Bedroom apartments in this property. The unit mix is 98% Two Bedroom and 2% Three Bedroom apartment rentals. The average bedroom size for Garden Park Estates is 2.02.