Cynwyd Club - Delaware Valley Development Company

1302-2 Cynwyd Club Drive, Wilmington, DE 19808
132 Units
General Occupancy

Sources of Funds

• Low Income Housing Tax Credit Equity
• Delaware State Housing Authority (DSHA) Housing Development Fund (HDF)
• Conventional Permanent Loan from Delaware Community Investment Corporation (DCIC)
• Conventional Construction Loan

Project Description

Cynwyd Club is a substantial rehabilitation of a 132-unit affordable housing family community in New Castle County. At the time, it was the largest tax credit assisted project (in terms of total development costs) ever completed in the State of Delaware. Rehabilitation costs exceeded $45,000 per unit and the project was completed in less than 14 months, which is notable given the size of the project and the added complexity of an extensive relocation process. The project was completed under budget by approximately $130,000.

Project Status: Completed 2002