Sharswood Townhouses II was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and HOME.
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 2004 for $1,261,941 with a 10 year value of $12,619,410. The property was placed in service in 2006. 59 of 60 units at Sharswood Townhouses 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. 59 of the 60 total units at Sharswood Townhouses II are assisted under the HOME program. It received $3,500,000 ($59,322 per unit) in financing through the HOME program.