Essentially a tax credit is a reduction in your annual tax bill. Because we're a nonprofit, we don't need those exemptions, so we sell the tax credits to a for-profit business,'' she said. The sale provides capital to purchase or renovate properties. The other 25 percent of the units will be available to anyone at market-rate rent. The child-care center will offer services to nearby Astoria Park Apartments, another American Housing Foundation property.
All units come with ranges, refrigerators, garbage disposals and dishwashers.
Many backyards will have playground equipment. Some units will have detached garages, she said. As a general rule, we try to put in as many three-bedrooms as possible because one of the issues we see here in town is a significant need for larger units,'' she said. Square footage will range from 585 to 1,027 square feet. Ave., began leasing last November and is at about 70 percent capacity, she said.