Belmont Affordable Housing IV
878 N 41st St
Philadelphia, Philadelphia County, Pennsylvania 19104

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Funding Programs

Belmont Affordable Housing Iv 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 2002 for $147,353 with a 10 year value of $1,473,530. The property was placed in service in 2004. 7 of 7 units at Belmont Affordable Housing Iv 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

Belmont Affordable Housing Iv 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).

Belmont Affordable Housing Iv is an apartment community containing 7 rental units. This property serves all family types. The property contains 26 bedrooms and based on typical apartment occupancy limits, Belmont Affordable Housing Iv is home to not more than 52 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

Belmont Affordable Housing Iv contains a mix of 7 assisted three and four bedroom apartments for rent. There are 2 Three Bedroom and 5 Four Bedroom apartments in this property. The unit mix is 29% Three Bedroom and 71% Four Bedroom apartment rentals. The average bedroom size for Belmont Affordable Housing Iv is 3.71.

Pennsylvania's 2nd

Congressional District

7

Total Units

7

Tax Credit Units

Three and Four

Unit Mix

3.71

Average Bedroom Size

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