Sharmon Palms Lane, located at 967 Sharmon Palms Ln in Campbell, has one, two and three bedroom apartments. Sharmon Palms Lane participates in the Low-Income Housing Tax Credit (LIHTC) program.
Last updated on January 22nd, 2018
|1 Bedroom (1/1)||-||Income Based|
|2 Bedroom (2/1)||-||Income Based|
|3 Bedroom (3/1)||-||Income Based|
Sharmon Palms Lane is a newly renovated affordable housing community for families in Campbell. Originally acquired by MidPen in 1989 as two properties known as The Palms and Sharmon Palms, Sharmon Palms Lane recently became one to more efficiently refinance and renovate them together. Renovation enhancements included: new interior flooring, cabinetry, and bathroom fixtures; new exterior siding; double-pane windows; and energy-efficient features. Located in an award-winning school district, Sharmon Palms Lane helps revitalize and improve the surrounding neighborhood. In 1993, Sharmon Palms received a Maxwell Award of Excellence Honorable Mention from the Fannie Mae Foundation.
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.
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 Campbell but actual income limits may differ for units at Sharmon Palms Lane.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$51,250||$58,550||$65,850||$73,150||$79,050||$84,900||$90,750||$96,600|
|Low Income (60%)||$61,500||$70,260||$79,020||$87,780||$94,860||$101,880||$108,900||$115,920|
Sharmon Palms Lane was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program. In addition to providing apartments for low-income households, this property could include some market rate units. Households earning 60% or less of the Area Median Income (AMI) qualify for targeted rental units in LIHTC financed housing. This property may also designate units for renters with even lower incomes, from 60% of AMI down to 30% AMI. It is even possible that all units have been set aside for those with extremely low incomes (as low as 15% of AMI). This means that the same size unit can rent for different amounts based on the income of the renter.
Figuring out income and rent limits for affordable housing can be complex especially when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.
Sharmon Palms Lane is managed by MidPen Housing.