Clayton Court - Delaware Valley Development Company

Clayton Court

502 North DuPont Street, Wilmington, DE 19805
72 Units
Subsidized General Occupancy

Sources of Funds

  • Low Income Housing Tax Credit (LIHTC) equity
  • Delaware State Housing Authority (DSHA) Housing Development Fund (HDF)
  • Federal Home Loan Bank of Pittsburgh (FHLB) Affordable Housing Program (AHP)
  • New Castle County HOME
  • City of Wilmington Community Development Block Grant (CDBG)
  • Conventional Loan from Delaware Community Investment Corporation (DCIC)

Project Description

Clayton Court is an acquisition and rehabilitation of a 72-unit fully subsidized community for general occupancy located in Wilmington, Delaware’s West End neighborhood in the shadow of St. Francis Hospital.  DVDC received an allocation of 2007 tax credits and HDF funding from DSHA.  Like most other projects developed by DVDC, Clayton Court has a multi-layered financing structure.  Sources include DSHA, FHLB AHP, New Castle County HOME, City of Wilmington CDBG, and a conventional loan from DCIC.  Additionally, Clayton Court was fully occupied at the time of acquisition and had a Project Based Housing Assistance Payment (HAP) contract.  DVDC completed the acquisition rehab using a rolling relocation and rehousing program supplemented with off-site housing, to meet the project schedule and timelines.

Project Status:  Completed 2008