Purpose Built Community Will Bring 74 Units of Affordable & Workforce Housing to Wilmington, DE
Cinnaire announced the investment of $9.8 million in Low-Income Housing Tax Credit (LIHTC) equity to support the first phase of construction for Riverside Redevelopment, a community-led master-planned redevelopment of Northeast Wilmington’s Riverside neighborhood. The project is a partnership between REACH, the Wilmington Housing Authority and Pennrose, a national affordable housing developer. Cinnaire Lending also provided $5 million in permanent financing and a $412,700 predevelopment loan to support the vital first steps toward the initial 74 of 500 planned affordable homes in the community.
The Riverside Redevelopment is designed on the principles of Purpose Built Communities, a national organization dedicated to supporting holistic community redevelopment. Construction on the first of eight phases is slated to begin immediately and all units are planned to be completed within 18 months. Phase One includes 74 new, one to four-bedroom townhouses with 59 set aside as affordable units for tenants with incomes up to 50% of Area Median Income (AMI) and 15 workforce housing units. The development was created with new urbanism architectural design, which connects buildings to the surrounding community and features street-facing housing, front porches and a safe, walkable community. All units will be Zero Energy Ready.
“Our team is pleased to collaborate with the many partners that brought this project to life,” said Jim Peffley, Cinnaire Chief Strategy Officer. “Riverside Redevelopment highlights the meaningful impact created by bringing public and private resources together to support transformative community projects. The Low-Income Housing Tax Credit continues to provide affordable housing to communities that need it most, demonstrating the value of the program.”
In addition to Cinnaire, Riverside Phase One financing partners include the Delaware State Housing Authority, Wilmington Housing Authority, REACH Riverside, the City of Wilmington, the County of New Castle and M&T Bank.
As the 19th affiliate member of the Purpose Built Communities network, REACH Riverside will focus on the three pillars of revitalization shown to have the greatest impact on long term community health and well-being – mixed-income housing redevelopment, education and community health.
“This is truly a monumental and long overdue moment for the Riverside neighborhood and the entire city of Wilmington,” said Logan Herring, CEO of REACH Riverside. “As a life-long resident of the City, I emphatically understand the positive impact that quality housing, a safe neighborhood, and access to resources has on the trajectory of a family’s health and quality of life. The holistic approach we are taking with all of our partners and funders, including the City, County, and State, will soon make the vision of a community where everyone really thrives a reality.”
The entire 45-acre Riverside redevelopment will include 600 high-quality, mixed-income rental and for-sale homes and a new Kingswood Community Center including an Early Learning Academy as the foundation of a ‘cradle to college/career’ education pipeline to serve the community. The Community Center will continue to provide vital educational, health, wellness and social resources to the surrounding neighborhood. The housing development is located on land owned by the Wilmington Housing Authority. Pennrose partnered with REACH Riverside, the Wilmington Housing Authority, the Kingswood Community Center and East Side Charter School to develop the multiphase redevelopment master plan.