NEWARK, DE—Ground was broken on Alder Creek, an affordable housing community under development here. The site itself has languished for years as a brownfield development until developer Ingerman Development, the Delaware State Housing Authority, HUD and the Newark Housing Authority collaborated on getting the housing project off the ground.
The community is being financed through federal tax credits, a bank loan and funding for environmental cleanup from the Department of Natural Resources and Environmental Control.
Alder Creek will include 56 one- to four-bedroom apartment homes in 13 two-story buildings. Located in Newark—a university town--the project is more than welcome as housing in general is tight and affordable housing in particular is in short supply.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
