Chestertown Cove
408 Morgnec Road, Chestertown, Maryland 21620
Contact Chestertown Cove
Chestertown Cove is managed by TM Associates Management, Inc.
Chestertown Cove is a beautiful landscaped family community offering 1-, 2-. and 3-bedroom units. Within walking distance to major shopping centers, schools, and library. On-site laundry rooms and brand new playgrounds for the kids.
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| One Bedroom (1/1) | - | Call for Price |
| Two Bedroom (2/1) | - | Call for Price |
| Three Bedroom (3/1) | - | Call for Price |
Eligibility for Chestertown Cove
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Chestertown but actual income limits may differ for units at Chestertown Cove.
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person |
|---|---|---|---|---|---|---|
| 30% | $19,500 | $22,300 | $25,100 | $30,000 | $35,140 | $40,280 |
| 50% | $32,550 | $37,200 | $41,850 | $46,450 | $50,200 | $53,900 |
| 80% | $52,050 | $59,450 | $66,900 | $74,300 | $80,250 | $86,200 |
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 Chestertown but actual income limits may differ for units at Chestertown Cove.
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person |
|---|---|---|---|---|---|---|
| Very Low Income (50%) | $32,550 | $37,200 | $41,850 | $46,450 | $50,200 | $53,900 |
| Low Income (60%) | $39,060 | $44,640 | $50,220 | $55,740 | $60,240 | $64,680 |
Chestertown Cove Details
- 34 one, two and three bedroom units.
- Low-Income Housing Tax Credit (LIHTC)
- Section 515 Rural Rental Housing
- Section 521 USDA Rental Assistance
Property Amenities
- Fitness Center
- Playground
- Laundry Room
Unit Amenities
- Air Conditioning
- All Appliances included
- Garbage Disposal
- Cable and Satellite TV
- Window Coverings
- Carpet
Nearby Amenities
- Close to Downtown District
- Close to Public Transportation
- Close to Shopping
- Near Hospital
- Near Library
- Near Schools
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.
Section 515 Rural Rental Housing
This property has received funding in part through the Section 515 Rural Rental Housing (Section 515) program. Very low, low, and moderate income families, elderly persons, and persons with disabilities are eligible to live at this property. Persons or Families living in substandard housing have priority for tenancy.
Section 521 USDA Rental Assistance
The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 514, 515 and 516 properties, ensures renters only pay 30% of their adjusted income towards rent. USDA Rural Development Rental Assistance may not be available for all units at this property.
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