824 W Young Ave

The Owners have been awarded Federal Low Income Housing Tax Credits and a State Tax Credit Loan which require that at least 40% of the tax credit units be affordable to households whose annual gross income is at or below 50% of the area median income (rent restriction). The balance of the tax credit units will be affordable to and occupied by households at or below 60% of median income (rent and income restriction). In addition to Tax Credit requirements, the Owners have entered into a Housing Assistance Payments Contract for forty-one of the units. Section 8 regulations require targeting of at least 40% of the units to extremely low income households (30% of median income). All other contract units must be leased to households at or below 50% of median income except for 25% of the units that may be leased to low-income households with incomes below 80% of median income. Marketing efforts will be directed to those applicants who meet both tax credit and section 8 criteria. The Owners have been awarded Federal Low Income Housing Tax Credits and a State Tax Credit Loan which require that at least 40% of the tax credit units be affordable to households whose annual gross income is at or below 50% of the area median income (rent restriction). The balance of the tax credit units will be affordable to and occupied by households at or below 60% of median income (rent and income restriction). In addition to Tax Credit requirements, the Owners have entered into a Housing Assistance Payments Contract for forty-one of the units. Section 8 regulations require targeting of at least 40% of the units to extremely low income households (30% of median income). All other contract units must be leased to households at or below 50% of median income except for 25% of the units that may be leased to low-income households with incomes below 80% of median income. Marketing efforts will be directed to those applicants who meet both tax credit and section 8 criteria.