Coral St Arts House
2446 Companyral St
Philadelphia, Philadelphia County, Pennsylvania 19125

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Funding Programs

Coral St Arts House was developed and operates with Federal housing financing. The property utilizes 3 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit, HOME, 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 $436,056 with a 10 year value of $4,360,560. The property was placed in service in 2005. 27 of 27 units at Coral St Arts House 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.

HOME Investment Partnership

The property was financed in part with financing through the Federal HOME Investment Partnership Program. 27 of the 27 total units at Coral St Arts House are assisted under the HOME program. It received $270,000 ($10,000 per unit) in financing through the HOME program.

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. Coral St Arts House received $932,000 ($34,519 per unit) of financing through the CDBG Program.

Overview

Coral St Arts House 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).

Coral St Arts House is an apartment community containing 27 rental units. This property serves all family types. The property contains 47 bedrooms and based on typical apartment occupancy limits, Coral St Arts House is home to not more than 90 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

Coral St Arts House contains a mix of 27 assisted one and two bedroom apartments for rent. There are 7 One Bedroom and 20 Two Bedroom apartments in this property. The unit mix is 26% One Bedroom and 74% Two Bedroom apartment rentals. The average bedroom size for Coral St Arts House is 1.74.

Pennsylvania's 2nd

Congressional District

27

Total Units

27

Tax Credit Units

27

CDBG Units

27

HOME Units

One and Two

Unit Mix

1.74

Average Bedroom Size

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