Imani Homes Lp/peoples
301 A
Philadelphia, Philadelphia County, Pennsylvania 19104

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Funding Programs

Imani Homes Lp/peoples 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 $295,138 with a 10 year value of $2,951,380. The property was placed in service in 1996. 23 of 24 units at Imani Homes Lp/peoples 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. Imani Homes Lp/peoples received $658,529 ($28,632 per unit) of financing through the CDBG Program.

Overview

Imani Homes Lp/peoples 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).

Imani Homes Lp/peoples is an apartment community containing 24 rental units. The property contains 62 bedrooms and based on typical apartment occupancy limits, Imani Homes Lp/peoples is home to not more than 123 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

Imani Homes Lp/peoples contains a mix of 24 assisted one, two, three, and four bedroom apartments for rent. There are 1 One Bedroom, 10 Two Bedroom, 11 Three Bedroom, and 2 Four Bedroom apartments in this property. The unit mix is 4% One Bedroom, 42% Two Bedroom, 46% Three Bedroom, and 8% Four Bedroom apartment rentals. The average bedroom size for Imani Homes Lp/peoples is 2.58.

Pennsylvania's 2nd

Congressional District

24

Total Units

23

Tax Credit Units

23

CDBG Units

One, Two, Three, and Four

Unit Mix

2.58

Average Bedroom Size

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