Panorama View Apartments is an 87-unit senior living development with all units subsidized through a HUD project-based age-restricted Section 8. The property is located at 9222 Van Nuys Blvd., Panorama City, California 91402. The development was originally built in 1971 and offers studio and one-bedroom units. All units are located within two two-story buildings and one three-story building. Common amenities include a laundry facility, community room, courtyard, gated parking, and elevator. Panorama View Apartments was acquired by PPD in September 2007 for $7,320,000. Renovations were completed in December 2007.
Unit (Bd/Ba) | Ft2 | Rent |
---|---|---|
Studio (Studio/1) | 410 | Call for Price |
1 Bedroom (1/1) | 527 | Call for Price |
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Los Angeles but actual income limits may differ for units at Panorama View Apartments.
AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
---|---|---|---|---|---|---|---|---|
50% | $44,150 | $50,450 | $56,750 | $63,050 | $68,100 | $73,150 | $78,200 | $83,250 |
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Los Angeles but actual income limits may differ for units at Panorama View Apartments.
AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
---|---|---|---|---|---|---|---|---|
Very Low Income (50%) | $44,150 | $50,450 | $56,750 | $63,050 | $68,100 | $73,150 | $78,200 | $83,250 |
Low Income (60%) | $52,980 | $60,540 | $68,100 | $75,660 | $81,720 | $87,780 | $93,840 | $99,900 |
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Tenants leasing units participating in the Section 8 Project-Based Rental Assistance program typically contribute less than 30% of their adjusted income towards rental costs.