DE Arbor Place III

Arbor Place III
113 Parma Avenue, New Castle, DE 19720

23 Units
General Occupancy
Placed in Service: 2011

Arbor Place III was 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. 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.

Source of Funds:

• LIHTC Equity
• Delaware State Housing Authority (DSHA) HOME Loan
• DSHA Housing Development Fund Loan
• Conventional First Mortgage
• Conventional Construction Loan
• DSHA American Recovery and Reinvestment Act (ARRA) Tax Credit Assistance Program (TCAP)