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Willow Pond 2018-05-23T20:44:17+00:00

AFFORDABLE APARTMENTS

Centrally located Wilmington, NC apartment community, with below market rental prices for those who qualify. Willow Pond Apartments recently underwent a $2.5 million rehab, renovating all units inside and out.

LOCATION

Conveniently located near Market Street in Wilmington close to both Downtown and the beaches. Easy access to many local employers as well as restaurants, grocery stores, coffee shops, parks, and other conveniences.

SCHOOLS

Forest Hills Elementary | Williston Middle School | New Hanover High School

*Please confirm with schools prior to making a housing decision based on school district.

FLOOR PLAN

PROPERTY PHOTOS

ELIGIBILITY

Understanding tax credit properties and how leasing an affordable apartment at Willow Pond 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.

APPLICATION

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