Arbor Place III
113 Parma Avenue, New Castle, DE 19720
23 Units
General Occupancy
Sources of Funds
- Low Income Housing Tax Credit (LIHTC) equity
- Delaware State Housing Authority (DSHA) HOME/HDF
- Permanent Loan from Delaware Community Investment Corporation (DCIC)
- Conventional Construction loan
- DSHA American Recovery and Reinvestment Act (ARRA) Tax Credit Assistance Program (TCAP)
Project Description
Arbor Place III is an acquisition and substantial rehabilitation of an existing 24-unit LIHTC family community. The project received a 2009 tax credit allocation from the DSHA under the non-profit set-aside. DVDC served as development consultant to and guarantor for Interfaith Community Housing of Delaware, Inc., the project owner. DVDC does not have a long term ownership role, but its sister company, Fairville Management Company is the management agent. The project included complete relocation of residents, substantial rehabilitation, and addition of site features such as a tot lot, dumpster enclosures, and improvements to drainage and water infiltration issues. Architecture included the reconfiguration of townhouse units to include an additional bedroom to provide for fully accessible units and the deletion of one unit for use as community space and central laundry area. The resulting community will provide a different bedroom mix more in keeping with the market demands, and ADA compliant units. The project is funded with DSHA HOME, HDF, ARRA TCAP, and LIHTC equity.
Project Status: Completed 2011
