Christiana Village Apartments combined two projects into one new partnership. Each apartment unit benefited from more than $30,000 of renovation improvements.
The unique and technical financing package included a conventional first mortgage from Community Development Trust (CDT), 9% Low Income Housing Tax Credits (LIHTC), and City HOME funds. In addition, financing included a decoupled 236 interest reduction payment (IRP) to create a second mortgage.
Section 8 contracts, covering 100% of the units, were renewed for 20 years as a result of the extensive renovation work and quality of the overall financial and development plan.