Monroe Terrace
225 West 4th Street, Suite 2, Wilmington, DE 19801
35 Units
Subsidized General Occupancy
Sources of Funds
- Low Income Housing Tax Credit (LIHTC) equity
- Delaware State Housing Authority (DSHA) Housing Development Fund (HDF)
- Permanent Loan from Delaware Community Investment Corporation (DCIC)
- Conventional Construction Loan
- DSHA American Recovery and Reinvestment Act (ARRA) Section 1602 Tax Credit Exchange Program
Project Description
Monroe Terrace is an acquisition and substantial rehabilitation of a scattered site 35-unit Project-Based Section 8 assisted family community located in the West Center City neighborhood of Wilmington, Delaware. Purchased from DSHA and managed by Fairville Management Company, Monroe Terrace is part of a larger initiative for the entire neighborhood, focusing on urban infill, homeownership, and providing advancement opportunities in a neighborhood that has many socioeconomic challenges. Sources of funds included 2009 LIHTC, DSHA HDF loan, a private loan through WSFS and DCIC, and ARRA Section 1602 funds. Residents were relocated through a rolling rehabilitation and rehousing program.
