The City of Wilmington along with the Wilmington Neighborhood Conservancy Land Bank, JP Morgan Chase, DSHA and the National Community Reinvestment Coalition (NCRC), have partnered up to create the Homeownership/Neighborhood Stabilization Project.
“The Land Bank is facilitating the rehabilitation of vacant and abandoned properties, which came from the City and WNCLB vacant property portfolios, and is combining that with new construction to create a refurbished City block that will be stabilized by new homeowners,” said Mayor Purzycki.
The renovation consists of six existing vacant properties and the construction of three additional homes that will transform an area of West Center City, near Trinity Vicinity. “By bringing in new property owners and community members, this project will help to strengthen two communities—West Center City and Trinity Vicinity—as well as the City as a whole.” said the Mayor.
Phase One of the project will be completed by March 2020 and Phase 2 plans are currently being finalized with construction slated to begin in early 2020.
The homes will be available to buyers at prices set at 80% of Wilmington’s Average Median Income (AMI), which is a number calculated annually by the U.S. Department of Housing and Urban Development.
Land Bank Board Chair Rick Gessner and Executive Director Bill Freeborn told the press that funding for the 9th Street Neighborhood Revitalization Project is being provided through a grant thanks to JP Morgan Chase with support from the DSHA Strong Neighborhoods Fund and from the NCRC Housing Rehab Fund.