Belmont Affordable Housing V
945 Belmont Ave
Philadelphia, Philadelphia County, Pennsylvania 19104

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Funding Programs

Belmont Affordable Housing V 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 2003 for $457,968 with a 10 year value of $4,579,680. The property was placed in service in 2005. 24 of 24 units at Belmont Affordable Housing V 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. Belmont Affordable Housing V received $850,000 ($35,417 per unit) of financing through the CDBG Program.

Overview

Belmont Affordable Housing V 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 V is an apartment community containing 24 rental units. This property serves all family types. The property contains 88 bedrooms and based on typical apartment occupancy limits, Belmont Affordable Housing V is home to not more than 176 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 V contains a mix of 24 assisted three and four bedroom apartments for rent. There are 8 Three Bedroom and 16 Four Bedroom apartments in this property. The unit mix is 33% Three Bedroom and 67% Four Bedroom apartment rentals. The average bedroom size for Belmont Affordable Housing V is 3.67.

Pennsylvania's 2nd

Congressional District

24

Total Units

24

Tax Credit Units

24

CDBG Units

Three and Four

Unit Mix

3.67

Average Bedroom Size

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