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.
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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.
Finding a place to live that meets one’s basic needs and budget can feel like a never-ending challenge. The complexity of lower-income families and individuals extend far beyond simply finding a safe, affordable, and welcoming place to call home. At HDC, we are committed to being an ally in speaking to issues, programs, and policies that improve quality of life of our residents. Issues that we know are important to our residents include:
Every voice matters. At HDC, we are committed to raising up resident voices and opening doors so that residents can actively participate in the democratic process, speak out on issues important to them and their communities, and communicate how policies affect their everyday lives. We believe it is important to make the time and space to listen, and to support resident leaders in effectively using their voices. We support resident advocacy opportunities through our Resident Academy of Leadership & Inspiration, Voter Registration Drives, and holding constituent meetings and tours with elected officials.
We know we can’t solve the affordable housing challenge alone. We need champions to help change the conversation around what home means and why it matters. We are committed to educating elected officials to understand the needs and challenges of their constituents. We are here to provide solutions that work and offer affordable housing expertise that demonstrates the impact policy decisions have on lower-income families, seniors and those with disabilities. We work closely with and participate in alliances and coalitions to educate and advance shared policy priorities. Our advocacy partners include:
Wendy Smith serves as the Vice President of Property Management, responsible for the overall strategic direction for HDC’s management portfolio and the organization’s largest staff team. Previously, Wendy served as Asset and Operations Manager for a leading real estate firm based in New York City which owned over 11,000 affordable homes. Since 2008, Wendy has held roles in regional level operations for commercial and for-profit housing agencies. Wendy holds a degree in International Studies.
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