About
Pembroke Square was developed and operates with Federal housing financing. The property utilizes 3 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit, Section 515, and Rural Development Rental Assistance.
The property was constructed using the USDA Rural Development Section 515 Rural Rental Housing Program. The program provides low interest rates with longer amortization periods for rental housing built in rural areas of America. Pembroke Square is among 544† Section 515 projects in North Carolina and 12, 858† Section 515 projects in the United States.
The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 515 properties, insures renters only pay 30% of their adjusted income toward rent. 81 apartment units at Pembroke Square receive rental assistance. 96% of the units at Pembroke Square have Rental Assistance. 75% of North Carolina Section 515 units and 65% of Section 515 units across the country are assisted with Rental Assistance.
Pembroke Square Apartments is a property management company located in Pembroke, NC.