LANCASTER, PA–Elected officials along with Todmorden Foundation, Inc., HDC MidAtlantic and Federal Home Loan Bank of Pittsburgh (FHLBank) will gather in Wilmington, DE, on April 19 to celebrate the completion of Phase I of The Flats redevelopment and break ground on Phase II.
WHO: Congresswoman Lisa Blunt Rochester (D-Del.), Delaware Governor John C. Carney and Wilmington Mayor Michael S. Purzycki, will speak at a ribbon cutting ceremony for Phase I and a groundbreaking for Phase II of The Flats redevelopment.
WHAT: Ribbon cutting ceremony for Phase I and groundbreaking for Phase II of The Flats redevelopment.
WHEN: Wednesday, April 19, 2017; 9 a.m.
WHERE: The Flats, 600 Block of North Bancroft Parkway, Wilmington, DE
WHY: Todmorden Foundation, together with HDC MidAtlantic and Woodlawn Trustees, Inc., has begun to rebuild the affordable housing in the community known as The Flats, originally built by William P. Bancroft over 100 years ago. 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 will be available for individuals earning 30% to 60 % of area median income (AMI). Total development costs for Phase I are $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.
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 to 4,700 low-income families, seniors 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.