River Commons Apartments is an acquisition/rehabilitation family apartment complex located in Wilmington, Delaware.
River Commons was purchased from a local community-based nonprofit whose focus was to stabilize troubled assets. The project includes 100 affordable units and 16 market rate units.
At the time of acquisition, the property was a public and privately funded affordable housing project with a heavy debt burden. As part of the purchase, CCA negotiated approximately $4 million of debt forgiveness from city, state and private banks. This project helped to meet a growing demand in the community for larger apartment units by adding second story dormers to 16 of the original two-bedroom units, and changing them to three-bedroom units.
River Commons was nominated for the Fannie Mae Foundation Maxwell Award for Affordable Housing in 2004.