Kings Highway Phase II
3000 Frankford Ave
Philadelphia, Philadelphia County, Pennsylvania 19134

Call (855) 598-3283, enter extension 45390, then hit #.

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Funding Programs

Kings Highway Phase Ii 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 1999 for $463,677 with a 10 year value of $4,636,770. The property was placed in service in 2001. 31 of 31 units at Kings Highway Phase Ii 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. 31 of the 31 total units at Kings Highway Phase Ii are assisted under the HOME program. It received $341,000 ($11,000 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. Kings Highway Phase Ii received $832,932 ($26,869 per unit) of financing through the CDBG Program.

Overview

Kings Highway Phase Ii 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).

Kings Highway Phase Ii is an apartment community containing 31 rental units. This property serves all family types. The property contains 90 bedrooms and based on typical apartment occupancy limits, Kings Highway Phase Ii is home to not more than 179 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

Kings Highway Phase Ii contains a mix of 31 assisted one, two, three, and four bedroom apartments for rent. There are 2 One Bedroom, 5 Two Bedroom, 18 Three Bedroom, and 6 Four Bedroom apartments in this property. The unit mix is 6% One Bedroom, 16% Two Bedroom, 58% Three Bedroom, and 19% Four Bedroom apartment rentals. The average bedroom size for Kings Highway Phase Ii is 2.9.

Pennsylvania's 2nd

Congressional District

31

Total Units

31

Tax Credit Units

31

CDBG Units

31

HOME Units

One, Two, Three, and Four

Unit Mix

2.9

Average Bedroom Size

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