Gene Pambianchi, executive director of the Authority, tells GlobeSt.com the overall cost of the project is $73.8 million. The remainder of the funding "is committed" and comes from a mix of public and private sources. Columbia, MD-based Cornerstone Housing is the master developer of the 28-acre property.
Delaware Terrace now contains 250 residential units. Of those, 238 will be razed and 12 will be renovated. "We've begun relocations, and expect that to be completed in spring/summer 2007," Pambianchi says. Demolition will then begin. Completion of the project is expected to take five years.
In addition to the 12 renovated units, there will be 89 ownership units and 43 tax credit rentals in a mix of single-family homes, townhouses and multifamily structures. Pricing has not yet been established. All units will be marketed to families with household incomes of up to 80% of the median for the area. Pambianchi says the current median for a family of four in the Easton MSA is approximately $63,000 a year.
The federal funding is a HOPE VI Revitalization grant from the US Department of Housing and Urban Development. HOPE, Housing Opportunity for People Everywhere, a multibillion-dollar federal initiative created in 1993, promotes affordable housing development nationwide. Easton Housing Authority's grant application was turned down every year for the last three. The 2006 HOPE VI award is one of four granted by HUD this year. Beaumont, TX; Niagara Falls, NY; and Kingsport, TN also received the grant.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
