Neighborhood Restoration Xiv was developed and operates with Federal housing financing.
The property utilizes the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants.
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 $1,088,890 with a 10 year value of $10,888,900.
The property was placed in service in 2004.
80 of 80
units at Neighborhood Restoration Xiv 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.
Neighborhood Restoration Xiv 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).
Neighborhood Restoration Xiv is an apartment community containing 80 rental units.
This property serves all family types. The property contains 227 bedrooms and based on typical apartment occupancy limits, Neighborhood Restoration Xiv
is home to not more than 450† persons when fully occupied.
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.
Neighborhood Restoration Xiv contains a mix of 80 assisted
one, two, three, and four bedroom apartments for rent. There are 7 One Bedroom, 13 Two Bedroom, 46 Three Bedroom, and 14 Four Bedroom apartments in this property. The unit mix is 9% One Bedroom, 16% Two Bedroom, 58% Three Bedroom, and 18% Four Bedroom apartment rentals. The average bedroom size for Neighborhood Restoration Xiv is 2.84.