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Apartment
11/13/06: NEW SRO APARTMENTS IN PALO ALTO
NOW ACCEPTING APPLICATIONS.
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list form.
Property Management,
Incorporated (PMI), was established in 1992 to manage affordable housing
properties developed by the Housing Authority. The Housing Authority has developed
more than 28 housing complexes and is known for being a progressive leader in
affordable housing development.
Currently, PMI's
portfolio consists of award winning Public Housing, Project-Based Section 8, and
Tax Credit-financed communities. PMI is also proud to act as fee managers for
properties of all sizes for private property owners in Santa Clara County.
Housing Authority developments utilize three main affordable housing programs:
Public Housing
Public Housing
provides HUD-subsidized rental assistance for eligible tenants residing at
housing developments that are primarily HUD-financed and owned by the
Housing Authority. Eligible low income tenants pay 30% of their gross
adjusted income for rent. The rental assistance is attached to the unit so
tenants cannot "take" the assistance with them if they move. Section 8
Vouchers are NOT accepted.
Project Based
Section 8 Housing
Project Based Section 8 Housing also
provides HUD-subsidized rental assistance. Eligible low-income tenants pay
30% of their gross adjusted income for rent. The rental assistance is
attached to the unit so tenants cannot "take" the assistance with them if they
move. Section 8 Vouchers are not accepted for project-based units, however,
Vouchers may be used at other units in the development that are not part of the
project-based program.
Low-Income Housing
Tax Credit Properties
The Low-Income Housing Tax Credit (LIHTC)
Program offers property owners and investors a credit or reduction in their tax
liability, each year for 10 years, that is based on the costs of development and
the number of qualified low income units in a newly constructed or rehabilitated
development. In exchange, the owners must offer quality units to
low-income tenants at fixed below market rate rents that are set at 30% of the
applicable Area Median Income. Tenants must meet income eligibility
requirements to qualify for residency.
