Sharp-leadenhall I
900 Peach St
Baltimore, Baltimore City County, Maryland 21230

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Funding Programs

Sharp-leadenhall I was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

Sharp-leadenhall I has a project-based Section 8 contract. 37 of the 191 total units at the property receive Section 8 assistance. This means that 19% of the renter households in the property pay no more than 30% of their adjusted income for rent.

The current Section 8 contract was effective on June 17, 1981 and the contract expires on February 28, 2030. The Section 8 contract rent is 93.2% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,298.00 for Two Bedroom, $1,663.00 for Three Bedroom, and $1,934.00 for Four Bedroom.

26% of Maryland properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

Low Income Housing Tax Credit

The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. The property received a tax credit allocation in 2009. The property was placed in service in 2010. 191 of 191 units at Sharp-leadenhall I are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was located in a Qualified Census Tract qualifying it for additional tax credit financing.

Overview

Sharp-leadenhall I is an affordable apartment community located in Baltimore, Maryland which is located in Baltimore City County. The property is located in Maryland's 3rd Congressional District served by Representative John Sarbanes (D), Senator Chris Van Hollen (D) and Senator Benjamin Cardin (D).

Sharp-leadenhall I is an apartment community containing 97 rental units. This property serves all family types and disabled persons. The property contains 144 bedrooms and based on typical apartment occupancy limits, Sharp-leadenhall I is home to not more than 258 persons when fully occupied.

Rent Subsidies

Sharp-leadenhall I provides rental subsidies to renters. The type of subsidy provided to apartment renters in Baltimore, MD by this property is Project Based Sec. 8.

This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.

There is a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Sharp-leadenhall I contains a mix of 97 assisted one, two, three, and four bedroom apartments for rent. There are 60 One Bedroom, 30 Two Bedroom, 4 Three Bedroom, and 3 Four Bedroom apartments in this property. The unit mix is 62% One Bedroom, 31% Two Bedroom, 4% Three Bedroom, and 3% Four Bedroom apartment rentals. The average bedroom size for Sharp-leadenhall I is 0.75.

Maryland's 3rd

Congressional District

97

Total Units

191

Tax Credit Units

37

Project Based Sec. 8 Units

93.2

% of Fair Market Rent

28-Feb-30

Project Based Sec. 8 Contract Expiration

One, Two, Three, and Four

Unit Mix

3.89

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data