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.
Last updated on January 22nd, 2018
|1 Bedroom (1/1)||-||Income Based|
|2 Bedroom (2/1)||-||Income Based|
|3 Bedroom (3/1)||-||Income Based|
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%)||$55,300||$63,200||$71,100||$78,950||$85,300||$91,600||$97,900||$104,250|
|Low Income (60%)||$66,360||$75,840||$85,320||$94,740||$102,360||$109,920||$117,480||$125,100|
Sharmon Palms Lane is managed by MidPen Housing.