The Parkman Corporation
5715 Park Heights Ave.
Baltimore, Baltimore City County, Maryland 21215

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Funding Programs

The Parkman Corporation 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

The Parkman Corporation has a project-based Section 8 contract. 64 of the 123 total units at the property receive Section 8 assistance. This means that 52% 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 October 01, 2006 and the contract expires on September 30, 2026. The Section 8 contract rent is 100.6% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $851.00 for Zero Bedroom, $1,033.00 for One Bedroom, and $1,298.00 for Two 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 2005. The property was placed in service in 2007. 123 of 123 units at The Parkman Corporation are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.

Overview

The Parkman Corporation 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).

The Parkman Corporation is an apartment community containing 64 rental units. This property serves seniors and disabled persons. The property contains 41 bedrooms and based on typical apartment occupancy limits, The Parkman Corporation is home to not more than 88 persons when fully occupied.

Rent Subsidies

The Parkman Corporation 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

The Parkman Corporation contains a mix of 64 assisted studio, one, and two bedroom apartments for rent. There are 25 Studio, 37 One Bedroom, and 2 Two Bedroom apartments in this property. The unit mix is 39% Studio, 58% One Bedroom, and 3% Two Bedroom apartment rentals. The average bedroom size for The Parkman Corporation is 0.33.

Maryland's 3rd

Congressional District

64

Total Units

123

Tax Credit Units

64

Project Based Sec. 8 Units

123

Senior Units

100.6

% of Fair Market Rent

30-Sep-26

Project Based Sec. 8 Contract Expiration

Studio, One, and Two

Unit Mix

0.33

Average Bedroom Size

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