Victoria Mews - Delaware Valley Development Company

Victoria Mews

13D O'Daniel Avenue, Newark, DE 19711
103 Units
General Occupancy

Sources of Funds

  • Low Income Housing Tax Credit Equity
  • Delaware State Housing Authority (DSHA) Housing Development Fund (HDF)
  • New Castle County HOME
  • City of Newark Community Development Block Grant (CDBG) and HOME
  • Conventional Permanent Loan

Project Description

Victoria Mews is an acquisition/rehabilitation of a 103-unit general occupancy affordable community located in Newark, Delaware. Acquired and rehabilitated in 2007, Victoria Mews Apartments received the largest tax credit award in Delaware's history as of that point. Victoria Mews was a complex transaction involving multiple funding sources, such as DSHA HDF, DSHA HOME, conventional debt from Delaware Community Investment Corporation (DCIC), New Castle County HOME, and City of Newark CDBG and HOME funds. The project was fully occupied at the time of acquisition. Testament to the development capabilities of DVDC, this project was the first in which all three levels of government (i.e., local, county, and state) provided financing on a project.

Project Status:  Completed 2007