Powell Plaza Ii 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 2005 for $21,743 with a 10 year value of $217,430.
The property was placed in service in 2005.
20 of 20
units at Powell Plaza Ii 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.
Powell Plaza Ii 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).
Powell Plaza Ii is an apartment community containing 20 rental units.
This property serves seniors and disabled persons. The property contains 12 bedrooms and based on typical apartment occupancy limits, Powell Plaza Ii
is home to not more than 26† 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.
Powell Plaza Ii contains a mix of 20 assisted
studio and one bedroom apartments for rent. There are 8 Studio and 12 One Bedroom apartments in this property. The unit mix is 40% Studio and 60% One Bedroom apartment rentals. The average bedroom size for Powell Plaza Ii is 0.6.