HDC MidAtlantic project The Flats has been awarded $1.03 million in annual low-income housing tax credits and $2.56 million from the Housing Development Fund from the Delaware State Housing Authority.
The 450-unit affordable housing redevelopment project is located in Delaware, and Lancaster-based nonprofit HDC, which owns, develops or manages more than 3,300 rental housing units, is serving as its development company and management agent.
The total cost of the project is $16.4 million, according to a news release, with the low-income housing tax credit totaling approximately $10.58 million in tax credit equity. The project will also use additional private, state and local funding sources, and rehabilitation improvements are expected to begin by spring 2015.
HDC's partner in the project is the Todmorden Foundation Inc., a nonprofit established in 2011 to provide affordable rental housing and improve the quality of life in Wilmington, Del.