Section 8 PBRA
In 2016, Ventana Fund awarded a $725,000 construction loan to the Santa Fe Civic Housing Authority to rehabilitate Villa Hermosa, a 116-unit public housing community in Santa Fe. Originally built in 1975, Villa Hermosa provides low-income housing and social services to seniors through project-based Section 8 subsidies.
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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.