Baywood Village & Rock Hall Manor
23165 Baywood Court, Chestertown, MD 21620
104 Units
Subsidized General Occupancy
Sources of Funds
- American Recovery & Reinvestment Act (ARRA) Section 1602 Tax Credit Exchange Program
- US Department of Agriculture (USDA) Rural Development (RD) Section 538 Guaranteed Rural Rental Housing Program
- Maryland Department of Housing and Community Development (DHCD) Rental Housing Program (RHP) Loan
- DHCD Multifamily Energy Efficiency Housing Affordability (MEEHA) Grant
- Assumption of USDA RD Section 515 Loan
Project Description
Formerly known as Woods Edge and Rock Hall Manor, Baywood Village and Rock Hall Manor consists of 104 total rental units in two communities, the Village of Fairlee and Town of Rock Hall, both located in Kent County, Maryland. This transaction was particularly complex as four existing discreet projects were merged into one. Each phase had its own unique debt structure, some with RD financing and some with DHCD financing, each subsidized with an RD operating contract or a Section 8 HAP contract. DVDC obtained transfer of the existing Section 515 mortgages and operating subsidy contracts from the USDA RD office in Dover, and received approval of the Assumption and Assignment of Section 8 contract from HUD office in Philadelphia. Additionally, the project included the relocation of residents from a fully occupied site to units on and off-site while the rehabilitation was underway.
