WILMINGTON, DE – HDC MidAtlantic President Dana Hanchin announced today that the Todmorden Foundation, Inc. was awarded $1,000,000 in annual Low Income Housing Tax Credits (LIHTC) funding from the Delaware State Housing Authority (DSHA) for the Phase IV redevelopment and preservation effort of The Flats located in Wilmington, New Castle County, Delaware.
The redevelopment’s Phase IV will provide 52 efficiency, one-bedroom, two-bedroom, and three-bedroom apartments for low to moderate income families and seniors. Ten apartments will be reserved for households at or below 30% of the local average median income (AMI), 17 apartments will be reserved for households at or below 40% AMI, 17 apartments will be reserved for households at or below 50% AMI and the remaining 8 apartments will be reserved for residents at or below 60% AMI. Eleven apartments will be reserved for those living with disabilities.
The Todmorden Foundation, Inc.— a 501c(3) non-profit operating foundation and co-developer— has collaborated with Woodlawn Trustees, Incorporated, and HDC MidAtlantic to secure the tax credits and develop and manage the new phase of redevelopment.
“With this award, we are excited for the next phase of development at The Flats, and to be expanding housing options on the West Side. Our partnership with Todmorden Foundation, as well as support from DSHA, has allowed us continue to build hope and opportunity in Wilmington,” said HDC President and CEO Dana Hanchin. “The preservation of this housing continues the philanthropic vision of William Bancroft and will provide affordable housing for Wilmington for years to come. We are proud to be a part of that.”
“Todmorden Foundation is excited for the next phase of the redevelopment of the Flats and the continuation of Mr. Bancroft’s mission of providing affordable rental housing,” said Todmorden Foundation Vice President Donna Gooden.
HDC developed and currently manages Phase I (72 apartments) and Phase II (72 apartments) of The Flats, which are completed and occupied. The first building of Phase III (36 apartments), also developed and managed by HDC, has been completed and has begun leasing up. The second building (41 apartments) is expected to be completed and ready for occupancy by fall. There are three more planned phases to bring a total of 453 affordable homes for families, seniors and individuals with lower incomes living in Wilmington.
The Flats neighborhood was originally established to be affordable workforce housing by industrialist William Bancroft and the Woodlawn Company in the early twentieth century and has operated as such since its original development. As the housing grew outdated, Woodlawn/Todmorden desired to continue Bancroft’s mission and revitalize the housing with modern, updated affordable homes.
The total development costs for The Flats Phase IV is expected to be $15,157,201.
The redevelopment will also utilize additional private, state and local funding sources. Construction is slated to begin in 2021.
DSHA’s LIHTC program provides direct federal income tax credits to build, acquire or rehabilitate low and moderate income rental housing. DSHA’s HDF program is designed to provide financing for developers to acquire and/or rehabilitate existing housing, adaptively reuse nonresidential buildings, or build new construction of low and moderate income housing.
HDC MidAtlantic envisions a world where a safe, welcoming, affordable place to call home is open to everyone. We believe home shouldn’t be an impossible dream, it should be an attainable reality: we believe housing is a human right. We are resident advocates, trusted developers, property managers, community partners, and collaborators. We are part of the fabric of our towns and cities, and have been working with our neighbors since 1971 to create real change and meaningful connections. As champions of the greater good, we open the door to opportunities and build homes that we can all be proud of.
HDC owns and/or manages over 3,700 apartments, providing housing that is safe and affordable to those with lower incomes, focusing on seniors, families, and individuals living with disabilities. Serving over 5,000 residents in 58 communities located in urban, suburban and rural areas across Pennsylvania, Delaware and Maryland, HDC builds hope and opportunity for all residents to reach their full potential by creating, preserving, and strengthening affordable housing communities.