Cinnaire Joins Community Leaders to Celebrate the Start of Construction for Phase III of The Flats in Wilmington, DE
Governor John Carney and Senator Chris Coons were the special guests at an event today celebrating The Flats, a multiphase affordable housing development that is redeveloping Wilmington property from the early 1900s into high-quality affordable housing for low-income families and individuals with special needs. Developers recently completed Phase II of the project, which is being led by Woodlawn Trustees, Inc. through its partnership with Todmodren Foundation.
“The State of Delaware is pleased to support this important project, and we share in the vision of the partners working to bring new life to The Flats community by providing safe, affordable housing for its residents,” said Governor Carney. “As the project progresses, I want to congratulate those who have worked so hard to see this come to fruition and commend them for their efforts to address a crucial need in this area of the city.”
Cinnaire provided $27.3 million in Low Income Housing Tax Credit (LIHTC) investments to support the Flats Phase I, Phase II and Phase III. FHLBank Pittsburgh and its members Fulton Bank and Wilmington Savings Fund Society have provided a total of $1.75 million in grants for The Flats through FHLBank’s Affordable Housing Program (AHP). Additional funding support was provided by JPMorgan Chase and FHLBank Atlanta. Delaware State Housing Authority also provided $9 million in funding support for the project through the state’s Housing Development Fund.
“We know that a safe, affordable home is important to the health of individuals, families and our community,” said Susan Frank, Cinnaire Executive Vice President. “We are honored and privileged to be one of the partners that made this project possible. We wish to thank our investors, financing partners, all levels of government, the private sector and our non-profit partners. It takes this unique partnership to bring our community together to build a stronger community.”
“It’s rewarding to see the hard work of so many people and organizations give more Delaware families a safe, affordable place to call home,” said Senator Coons. “By working together, these housing partners are providing a valuable service to our neighbors and helping to revitalize Delaware communities.”
Once completed, the development will have 434 modern, affordable units with access to public transportation, on-site supportive services, 24-hour maintenance services, free wireless internet service to help residents complete schoolwork and other important house tasks, and an on-site community center.
The Flats has become a major driver of Wilmington’s economic development, representing a capital investment of over $110,000,000 in the city. The project has created hundreds of construction and auxiliary-service jobs and spurred new development in the neighborhood.