520 North Market Apartments

520 North Market Street, Frederick, Maryland 21701

520 North Market Street is a new downtown Frederick affordable housing community. A unique mix of rehab and new construction with a variety of layouts and size. Floorplans include 1, 2, or 3 bedroom units. There is also a community room, computer lab, rooftop deck, and onsite parking.

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Unit (Bd/Ba) Ft2 Rent
One Bedroom (1/1) 600-755 From $713 To $1,200
Two Bedroom (2/1) 1117 From $837 To $1,400
Three Bedroom (3/2) 1112-1298 From $964 To $1,536

520 North Market Apartments Details

  • 59 one, two and three bedroom units.
  • Low-Income Housing Tax Credit (LIHTC)
  • HOME Investment Partnerships Program

Low-Income Housing Tax Credit (LIHTC)

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.

HOME Investment Partnerships Program

This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.

520 North Market Apartments is managed by Interfaith Housing Alliance Inc..

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