Historic Wilmington redevelopment reaches milestone

Congresswoman Lisa Blunt Rochester (D-Del.), Delaware Governor John C. Carney and Wilmington Mayor Michael S. Purzycki, spoke today at a ribbon cutting ceremony for Phase I and a groundbreaking for Phase II of The Flats redevelopment in Wilmington, DE.

“Stable, affordable housing is an integral part of Delaware’s economy as well as for each family’s quality of life,” said Rep. Blunt Rochester. “With stable housing, people are able to focus on their own education, employment and their families. I’m grateful for the work and collaboration from the Todmorden Foundation, the Woodlawn Trustees and HDC MidAtlantic. Their dedication to an important part of our city is critical to creating safe, thriving communities and helps carry out the legacy of William P. Bancroft. I’m thrilled to have the opportunity to celebrate with them.”

The two phases of the Flats are supported by $6.56 million from Delaware’s Housing Development Fund, overseen by the Delaware State Housing Authority.

“When families step into houses, they become homes, and creating more affordable, stable housing and stronger neighborhoods is a goal of my administration,” Governor Carney said. “This historic area in Wilmington is being redeveloped into modern, efficient, comfortable and affordable homes, creating a new shape for this storied neighborhood. The Housing Development Fund is an efficient, effective and proven tool to help leverage other resources and expand our affordable housing stock.”

Todmorden Foundation, together with HDC MidAtlantic and Federal Home Loan Bank of Pittsburgh (FHLBank) hosted the event.

“The Flats was the creation of visionary philanthropist William Bancroft to fill the demand for workers’ housing in the early 20th century,” said Rodney A. Lambert, Jr., president and CEO, Todmorden Foundation.  Today we see the Flats Redevelopment as a great example of how a community can work together through collaboration, to create a long lasting, sustainable development for future generations.”

The functionally obsolete housing is being replaced with new, safe, affordable townhomes and apartments.  Phase I consists of 72 general occupancy units with 15 apartments fully ADA accessible. These 72 units are available for individuals earning 30% to 60 % of area median income (AMI). Total development costs for Phase I totaled $15.8 million with $2.56 million in Housing Development Fund support administered by the Delaware State Housing Authority (DSHA).

Phase II includes an additional 72 general occupancy one, two and three bedroom units available for individuals earning 40% to 60% of the AMI. Phase II development costs total $18.2 million with $4 million in FY16 & FY17 Housing Development Funds from DSHA. The Flats redevelopment also relies on additional private, state and local funding support.  Construction of Phase II is scheduled for completion in June 2018.

“It has been a real privilege to carry forward the original vision of William Bancroft,” added Michael R. Carper, president and CEO, HDC MidAtlantic. “When this version of the Flats is complete, more than 400 modern, affordable homes will be available for the future workforce of Wilmington. HDC MidAtlantic is a proud partner in this ambitious endeavor.”

Todmorden Foundation, Inc., is a nonprofit foundation whose mission is to promote the stabilization of neighborhoods, the prevention of urban blight, and to develop affordable housing within the City of Wilmington.  Todmorden is governed by a Board of Trustees dedicated to the ongoing support of Wilmington’s infrastructure and diversity. Todmorden Foundation celebrates the prospect of continued innovation in quality affordable housing, and reaffirms its commitment to its residents and the community at large.

Founded in 1971, Housing Development Corporation MidAtlantic is a 501(c)(3) nonprofit corporation dedicated to providing quality affordable rental housing for low-income families, senior citizens and individuals with disabilities throughout Pennsylvania, Delaware and Maryland.  Housing Development Corporation MidAtlantic owns, develops and/or manages more than 3,500 rental housing units by delivering high-quality and secure housing solutions through innovative property management and real estate development services.

FHLBank of Pittsburgh is a congressionally chartered cooperative of local financial institutions operating across Delaware, Pennsylvania and West Virginia. The Bank uses private money, not taxpayer funds, to assure the flow of credit and services to local lenders and assists them in serving the affordable housing and community and economic development needs of the communities in which they operate. Each year, FHLBank sets aside 10 percent of its net income for AHP grants, which are awarded to project sponsors on a competitive basis.

Leave a Reply

Your email address will not be published. Required fields are marked *