Parkside Preservation Project 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 2001 for $691,632 with a 10 year value of $6,916,320.
The property was placed in service in 2003.
82 of 82
units at Parkside Preservation Project 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.
Parkside Preservation Project 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).
Parkside Preservation Project is an apartment community containing 82 rental units.
This property serves all family types and disabled persons. The property contains 97 bedrooms and based on typical apartment occupancy limits, Parkside Preservation Project
is home to not more than 161† 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.
Parkside Preservation Project contains a mix of 82 assisted
studio, one, two, and three bedroom apartments for rent. There are 1 Studio, 67 One Bedroom, 12 Two Bedroom, and 2 Three Bedroom apartments in this property. The unit mix is 1% Studio, 82% One Bedroom, 15% Two Bedroom, and 2% Three Bedroom apartment rentals. The average bedroom size for Parkside Preservation Project is 1.18.