West Center Place consists of 56 townhouse units, scattered on 21 sites, located just west of downtown Wilmington, Delaware.
The financing package on this acquisition/rehabilitation project allowed CCA to restructure the existing above market debt. New sources of financing include a conventional mortgage, equity from 9% LIHTCs and two loans from the DSHA using HOME funds and State funds. Each apartment unit benefits from more than $60,000 of renovation improvements, with the resulting debt lower than the original debt. The development has a Section 8 contract covering all units for another 8 years, which will likely be extended as a result of the extensive renovation work and quality of the overall financial and development plan.
CCA served as a development consultant for Community Housing, Inc., a local community development corporation.