Ping Yuen, consisting of three buildings with 234 units, is one of four properties that Chinatown CDC was selected to transform, own and operate. Chinatown CDC developed a plan to improve these nearly 70 year old buildings, improving the units, the systems, and safety and security while also adding a much-needed community center for resident events and community activities. Improvements began in late 2016 and will be complete by the beginning of 2019.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Ping Yuen is managed by Chinatown Community Development Center.