Housing Development Corporation MidAtlantic opened a new office in Wilmington.
The office, at 1201 N. Orange St. serves as a hub for HDC MidAtlantic’s expansion into Delaware. HDC MidAtlantic is a Lancaster, PA-based nonprofit affordable housing developer whose property management portfolio includes developments in Dover, Smyrna and Wilmington.
HDC MidAtlantic is currently building 72 new, general occupancy affordable housing units at The Flats in Wilmington. The Flats neighborhood was the creation of philanthropist William Bancroft to meet demand for workers’ housing in Wilmington during the early 20th century. Bancroft, who established the Woodlawn Company in 1901, built The Flats over the course of a decade.
Woodlawn Trustees, Incorporated, which owns The Flats property, sought to replace 430-units of obsolete housing and build new, energy efficient affordable apartments.
Woodlawn selected HDC MidAtlantic to secure funding, develop and manage Phase 1 of the redevelopment. Demolition began this spring and construction kicked-off at a groundbreaking ceremony last month.
In addition to working on Phase 1, HDC MidAtlantic submitted an application to fund Phase 2 of The Flats. The second phase will include 108 new affordable homes for rent and is expected to close later this year.
HDC MidAtlantic Senior Development Officer Mimi E. Rayl, is based in the Wilmington office. Rayl, who joined HDC MidAtlantic in February 2015, has more than 20 years of real estate development experience in for-profit and non-profit organizations as well as experience as an urban and regional planner in state and local government.
