An affordable housing project in Claymont and a neighborhood stabilization project in New Castle will share $700,000 in grant funds.
The funding comes as part of a requirement for federal home loan banks to set aside 10 percent of its income for the Affordable Housing Program. For the two communities in Delaware, support comes from the Federal Home Loan Bank of Pittsburgh and Fulton Bank, N.A.
“Partnering together, we can provide quality, affordable housing so that families can reap the benefits of home ownership, and neighborhoods can grow and thrive,” said Katie Wilkinson, senior vice president of Fulton Bank’s Delaware Division.
$500,000 will help fund the Route 9 Corridor project in New Castle. New Castle County’s Community Development and Housing division will use the money to acquire seven vacant and foreclosed homes in distressed neighborhoods along the corridor. The homes will be renovated with energy-efficient improvements and then sold to households making 80 percent or less of median income for the area.
The Overlook Colony Homeowner Rehabilitation effort in Claymont will get $200,000. That money will be used to provide housing rehabilitation grants to ten homeowners. Participating households must have incomes at or below 50 percent of median income, and 20 percent of households getting funding will have a mentally and/or physically disabled member.
“A home is the cornerstone of family life, and the hard-working people of Delaware deserve access to high-quality, affordable housing options,” said Sen. Tom Carper, D-Delaware. “With these critical investments, FHLBank will make an incredible impact on two communities in New Castle County that need a helping hand to grow and thrive.”