Genesee Housing 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 Section 811.
Section 811The property was developed using the HUD Section 811 program which provides housing opportunities for persons with disabilities who earn less than 50% of the area median income. Genesee Housing is among only 12† Washington projects and 2,648† projects across the country that receive assistance through the program.
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 $263,480 with a 10 year value of $2,634,800. The property was placed in service in 2006. 49 of 49 units at Genesee Housing 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.