Monument Mews
4101 Edgely Road
Philadelphia, Philadelphia County, Pennsylvania 19131

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Funding Programs

Monument Mews 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 2002 for $751,665 with a 10 year value of $7,516,650. The property was placed in service in 2004. 60 of 60 units at Monument Mews are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.

HOME Investment Partnership

The property was financed in part with financing through the Federal HOME Investment Partnership Program. 60 of the 60 total units at Monument Mews are assisted under the HOME program. It received $499,000 ($8,317 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. Monument Mews received $800,000 ($13,333 per unit) of financing through the CDBG Program.

Overview

Monument Mews 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).

Monument Mews is an apartment community containing 60 rental units. This property serves disabled persons. The property contains 123 bedrooms and based on typical apartment occupancy limits, Monument Mews is home to not more than 232 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

Monument Mews contains a mix of 60 assisted one, two, three, and four bedroom apartments for rent. There are 27 One Bedroom, 8 Two Bedroom, 20 Three Bedroom, and 5 Four Bedroom apartments in this property. The unit mix is 45% One Bedroom, 13% Two Bedroom, 33% Three Bedroom, and 8% Four Bedroom apartment rentals. The average bedroom size for Monument Mews is 2.05.

Pennsylvania's 2nd

Congressional District

60

Total Units

60

Tax Credit Units

60

CDBG Units

60

HOME Units

One, Two, Three, and Four

Unit Mix

2.05

Average Bedroom Size

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