Housing Development Corporation MidAtlantic , Lancaster, Pa., has been selected as the developer and manager of a 450-unit Wilmington redevelopment project, known as The Flats.
MidAtlantic President Michael R. Carper announced the project on Wednesday. DelawareOnLine.com had previously reported the Wilmington City Council approved the $100 million project.
The expansion into Delaware marks HDC MidAtlantic’s first growth opportunity beyond the Pennsylvania’s boundaries, as the Lancaster-based, 43-year old non-profit looks to expand their footprint into the Delaware, Maryland and New Jersey affordable housing markets.
HDC MidAtlantic has supplied 3,100 units of housing in 11 Pennsylvania counties,.
HDC MidAtlantic will partner with a 501c(3) non-profit operating foundation and co-developer, the Todmorden Foundation, Inc., to secure tax credits, develop and manage the first phase of the new construction project consisting of 71-units of general occupancy, affordable housing.
As non-profit organizations with like-minded missions, HDC MidAtlantic uniquely aligns with Todmorden Foundations’ vision and commitment to provide affordable housing to low-income individuals. Our capacity to develop The Flats – a complex and comprehensive project- was key in the developer selection process,” said Carper.
Built in the early 1900s, The Flats currently has 430 units serving low-income individuals in the west side of Wilmington. Woodlawn Trustees, the owner of the property, is looking to replace its’ housing stock and build new, energy efficient affordable housing to preserve their legacy with this multi-phase and multi-year project, according to release.
The west side of the city is facing challenges from crime and blight.
The Woodlawn Foundation’s mission is to provide housing. It owns a large amount of property and has been involved in some controversial commercial projects to develop small portions of that land. Woodlawn applied for approval of the project.
First and subsequent phase funding is anticipated through the federal Low Income Housing Tax Credit program, administered by the Delaware State Housing Authority, and private, state and local affordable housing sources.
Doug,you are doing a great job with the paper.
This is a press release written as news. How about some editorial comment to make it worth reading – like the last thing Wilmington needs is more public housing. Isn’t it about time the Woodlawn Trustees dissolved?
This was breaking news and the first priority was to get the news out. – Editor
Hi Doug. You and the Delaware Business Daily have become one of my favorite ways to stay informed. Your work is without smart, direct, “fluff-free” and without bias. Thanks for a local view on a wide range of subjects.
That is the end of my comment. You have my permission to modify as necessary if it serves you, as long as my note captures a very positive flavor for your work. Best Wishes. Will Webber. 302-354-0600.