Borinquen Associates Ii/asociacion De Pu
2031 N 7th St
Philadelphia, Philadelphia County, Pennsylvania 19122

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Funding Programs

Borinquen Associates Ii/asociacion De Pu 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 $551,264 with a 10 year value of $5,512,640. The property was placed in service in 1996. 45 of 45 units at Borinquen Associates Ii/asociacion De Pu 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. Borinquen Associates Ii/asociacion De Pu received $1,092,095 ($24,269 per unit) of financing through the CDBG Program.

Overview

Borinquen Associates Ii/asociacion De Pu 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).

Borinquen Associates Ii/asociacion De Pu is an apartment community containing 45 rental units. This property serves all family types. The property contains 137 bedrooms and based on typical apartment occupancy limits, Borinquen Associates Ii/asociacion De Pu is home to not more than 273 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

Borinquen Associates Ii/asociacion De Pu contains a mix of 45 assisted one, two, three, and four bedroom apartments for rent. There are 2 One Bedroom, 7 Two Bedroom, 23 Three Bedroom, and 13 Four Bedroom apartments in this property. The unit mix is 4% One Bedroom, 16% Two Bedroom, 51% Three Bedroom, and 29% Four Bedroom apartment rentals. The average bedroom size for Borinquen Associates Ii/asociacion De Pu is 3.04.

Pennsylvania's 2nd

Congressional District

45

Total Units

45

Tax Credit Units

45

CDBG Units

One, Two, Three, and Four

Unit Mix

3.04

Average Bedroom Size

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