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Kent Street Apartments 2018-05-23T20:46:57+00:00

KENT STREET

12 unit apartment complex in Wilmington, NC.

Kent Street Apartments serves the Wilmington, NC community, offering below market rental prices for those who qualify. In 2014 Kent Street underwent a significant rehabilitation of the entire property.

Rent: $700/Month
Deposit: $650

  • All units have two bedrooms.

  • Tenants are responsible for gas, electricity and water.

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ELIGIBILITY

Understanding tax credit properties and how leasing an affordable apartment at Kent Street Apartments works.

Authorized by Congress in 1987, federal Low-Income Housing Tax Credits (Housing Credits) now finance virtually all the new affordable rental housing being built in the United States. Housing Credit rental properties are privately owned and privately managed. In exchange for the financing provided through the tax credit, owners agree to keep rents affordable for a period of 15 to 30 years for families and individuals with incomes at or below 60% of the local median income.

The North Carolina Housing Finance Agency monitors the properties during the compliance period to ensure that rents and residents’ incomes do not exceed federal limits and that the properties are well maintained.  The owners are eligible to take a tax credit equal to 9 percent of the “Qualified Cost” of building or rehabilitating the property (excluding land). The tax credit is available each year for 10 years, as long as the property continues to operate in compliance with program regulations.

Generally, the privilege of using the credit is sold to an investor or group of investors (syndicated) and the funds are used to provide equity in the new rental development.

Equity from the sale of tax credits reduces the amount of debt financing that the property owner incurs. This reduces the monthly debt service for the property, lowers the operating costs, and makes it economically feasible to operate the property at below-market rents. Residents are responsible for their own rent payments, unless rent subsidies are available from other programs.

Percent Median One Person Two Person Three Person Four Person
50% $25,300 $28,900 $32,500 $36,100
60% $30,360 $34,680 $39,000 $43,320

Area Median Income for our location is $72,200 as of 04/01/2018. Subject to change.