DE Victoria Mews

Victoria Mews
13D O’Daniel Avenue, Newark, DE 19711

103 Units
General Occupancy
Placed in Service: 2007

Victoria Mews was an acquisition/rehabilitation of a 103-unit affordable community for general occupancy located in Newark, Delaware. Acquired and rehabilitated in 2006 and 2007, Victoria Mews Apartments received the largest tax credit award in Delaware’s history. Victoria Mews was a complex transaction involving multiple sources of funding such as DSHA HDF, DSHA HOME, conventional debt from Delaware Community Investment Corporation (DCIC), New Castle County HOME, City of Wilmington CDBG and HOME funds. The project was fully occupied at the time of acquisition. Testament to the development capabilities of DVDC is the fact that for the first time in the history of the state of Delaware, all three levels of government (i.e. local, county and State) provided financing on a project.

Source of Funds:

• LIHTC Equity
• Delaware State Housing Authority (DSHA) Housing Development Fund Loan
• DSHA HOME Loan
• New Castle County HOME Loan
• City of Newark Community Development Block Grant (CDBG) Funds
• Conventional First Mortgage
• Conventional Construction Loan