DE Cheltenham Village

Cheltenham Village
701 Georgetown Building, Newark, DE 19702

100 Units
General Occupancy
Placed in Service: 2011

Cheltenham Village (formerly Lexington Green) was an acquisition and substantial rehabilitation of an existing 125-unit Section 8 family community. DVDC acquired the project from a developer who received a 2008 Low-Income Housing Tax Credit award through the DSHA, though the project had stalled in the pre-development phase due to the distressed equity market and various other factors. The transaction was complex due to many factors, notwithstanding the “step in the shoes.” The community was heavily crime-ridden, boasting a staggering 477 calls to 911 in a 12-month period despite having a 24-hour security presence. Combating crime was the major impetus to reducing the density of the community from 125 units to 100. The resulting community is a 100-unit Section 8 family community.

Source of Funds:

• LIHTC Equity
• Delaware State Housing Authority (DSHA) HOME Loan
• DSHA Housing Development Fund Preservation Loan
• New Castle County HOME Loan
• Conventional First Mortgage
• Conventional Construction Loan
• DSHA American Recovery and Reinvestment Act (ARRA) Section 1602 Tax Credit Exchange Program