Aspen-olive Associates/pennrose Properti
3602a Aspen St
Philadelphia, Philadelphia County, Pennsylvania 19104

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Funding Programs

Aspen-olive Associates/pennrose Properti 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 Community Development Block Grant.

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 $353,652 with a 10 year value of $3,536,520. The property was placed in service in 1997. 22 of 22 units at Aspen-olive Associates/pennrose Properti 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.

Community Development Block Grant

The property was financed with partial financing through the Federal Community Development Block Grant Program (CDBG) which provides general funding to local governments to help create affordable housing and economic development opportunities. Aspen-olive Associates/pennrose Properti received $0 ($0 per unit) of financing through the CDBG Program.

Overview

Aspen-olive Associates/pennrose Properti 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).

Aspen-olive Associates/pennrose Properti is an apartment community containing 22 rental units. This property serves all family types. The property contains 66 bedrooms and based on typical apartment occupancy limits, Aspen-olive Associates/pennrose Properti is home to not more than 132 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

Aspen-olive Associates/pennrose Properti contains a mix of 22 assisted three bedroom apartments for rent. There are 22 Three Bedroom apartments in this property. The unit mix is 100% Three Bedroom apartment rentals. The average bedroom size for Aspen-olive Associates/pennrose Properti is 3.

Pennsylvania's 2nd

Congressional District

22

Total Units

22

Tax Credit Units

22

CDBG 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