Rehabbing of homes on crucial downtown corridor under way
Delaware Business Times, May 24, 2019: Rehabbing of homes on crucial downtown corridor under way
The Wilmington Neighborhood Conservancy Land Bank (Land Bank) has assembled nine properties in the 800 block of W. Ninth St., and is working with the National Community Reinvestment Coalition (NCRC) and JP Morgan Chase on the project. Property stabilization, roof repairs and interior demolition are under way in advance of restoration of the historic properties that now stand vacant.’
That commitment starts with the NCRC, which has bought, rehabbed and sold more than 100 homes in Delaware since 2015 as part of its “GROWTH” initiative, which creates new pathways to homeownership for low- and moderate-income (LMI) families. GROWTH purchases, renovates and sells homes through its impact investment-driven NCRC Housing Rehab Fund. The program launched in Wilmington in 2015 and has since expanded to 15 other cities.
“We believe in home ownership,” said NCRC Development Corp. Executive Director Ed Gorman, who said he’s hoping this project only takes six months to complete, although he concedes it could take a bit longer given the number of people and organizations providing input and support.
Gorman said GROWTH has committed to building an inventory of affordable, secure home-ownership options for low- and medium-income individuals and families; providing housing and financial counseling to qualified homebuyers; and creating construction jobs and workforce apprenticeship opportunities in those communities as well as providing workforce readiness training.
“Success is achieving a reasonable price and occupancy by owners, not investors,” he said.