Location: 408 Morgnec Rd., Chestertown, MD
Year Developed: 2016/2017
TDC: $6.8 million
LIHTC Equity: $2.2 million
Sources of Funds:
4% LIHTC, DHCD tax-exempt bonds, USDA Sec. 515, RHW & EmPower
Chestertown Cove is a 34 unit rural rental housing project. The deal was financed with 4% LIHTC and tax-exempt bonds and holds a USDA RD Section 515 loan from the 1980s. The project consisted of $2.8 million in rehabilitation and now offers residents modern amenities. Located in Chestertown, MD, residents can take advantage of many nearby shopping and dining experiences. Residents may also take advantage of close by public transportation.