Calvert Heights
103 Hawkins Drive, Chestertown, MD 21620
40 Units, Multifamily Housing
Mixed Income (Tax Credit Assisted & Subsidized General Occupancy)
Sources of Funds
- American Recovery & Reinvestment Act (ARRA) Section 1602 Tax Credit Exchange Program
- United States Department of Agriculture (USDA) Rural Development (RD) Section 538 Guaranteed Rural Rental Housing Program (GRRHP) loan through Lancaster Pollard Mortgage Company
- Maryland Department of Housing and Community Development (DHCD) Rental Housing Program (RHP) loan
Project Description
Calvert Heights is a 40-unit mixed income development located in historic Chestertown, Maryland. The distressed existing 22-unit Project Based Section 8 community was demolished and replaced with an architecturally pleasing development. The main challenge encountered during the development was syndicating tax credits at the peak of the global economic crisis. After being stalled for several months because of the dearth of tax credit investors, the project ultimately received ARRA 1602 Exchange funds from the Maryland DHCD. Other challenges included obtaining USDA RD financing at a time when the secondary mortgage market was in disarray, as well as HUD approvals for demolition and relocation of residents. Residents of the new community will have a mix of incomes, including 22 Project Based Section 8 units, LITHC units, and market rate units. Construction was completed in October 2010. This project is especially notable as it was the first housing project in Maryland to close and finish utilizing American Reinvestment and Recovery Act Section 1602 funds.
