742 West Wellens Avenue
742 W Wellens Ave
Philadelphia, Philadelphia County, Pennsylvania 19120

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Funding Programs

742 West Wellens Avenue 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 1995 for $3,754 with a 10 year value of $37,540. The property was placed in service in 1995. 1 of 1 units at 742 West Wellens Avenue 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 qualifying it for additional tax credit financing.

Overview

742 West Wellens Avenue is an affordable apartment community located in Philadelphia, Pennsylvania which is located in Philadelphia County. The property is located in Pennsylvania's 2nd Congressional District served by Representative Dwight Evans (D), Senator Patrick Toomey (R) and Senator Robert Casey (D).

742 West Wellens Avenue is an apartment community containing 1 rental units. This property serves all family types. The property contains 3 bedrooms and based on typical apartment occupancy limits, 742 West Wellens Avenue is home to not more than 6 persons when fully occupied.

Rental Subsidies

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.

Unit Mix

742 West Wellens Avenue contains a mix of 1 assisted three bedroom apartments for rent. There are 1 Three Bedroom apartments in this property. The unit mix is 100% Three Bedroom apartment rentals. The average bedroom size for 742 West Wellens Avenue is 3.

Pennsylvania's 2nd

Congressional District

1

Total Units

1

Tax Credit Units

Three

Unit Mix

3

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data