DE Clayton Court

Clayton Court
502 North DuPont Street, Wilmington, DE 19805

72 Units
General Occupancy
Placed in Service: 2008

Clayton Court was an acquisition and rehabilitation of a 72-unit fully subsidized community for general occupancy located in Wilmington, Delaware’s West End neighborhood in the shadow of St. Francis Hospital. Like most other projects developed by DVDC, Clayton Court has a multi-layered financing structure. Sources include DSHA, FHLB AHP, New Castle County HOME, City of Wilmington CDBG, and a conventional loan from DCIC. Additionally, Clayton Court was fully occupied at the time of acquisition and had a Project Based Housing Assistance Payment (HAP) contract. DVDC completed the acquisition rehab using a rolling relocation and rehousing program supplemented with off-site housing, to meet the project schedule and timelines.

Source of Funds:

• LIHTC Equity
• Delaware State Housing Authority Housing Development Fund Loan)
• Federal Home Loan Bank of Pittsburgh (FHLB) Affordable Housing Program (AHP) Funds
• New Castle County HOME Loan
• City of Wilmington Community Development Block Grant (CDBG) Funds
• Conventional First Mortgage
• Conventional Construction Loan