Neighborhood Restoration Xiv
5644 Carpenter St
Philadelphia, Philadelphia County, Pennsylvania 19143

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Funding Programs

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.

Overview

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.

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

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.

Pennsylvania's 2nd

Congressional District

80

Total Units

80

Tax Credit Units

One, Two, Three, and Four

Unit Mix

2.84

Average Bedroom Size

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