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In 2003, the Wilmington Housing Partnership (WHPartnership) established the “RISE” (Residential Improvement and Stabilization Effort), an initiative involving three targeted City neighborhoods (RISE areas) and five local housing organizations.
Starting July 1, 2006 WHPartnership expanded the RISE program to include three more City areas for total of six RISE areas. Additionally, WHPartnership is subcontracting with the City of Wilmington for approximately $2,377,699 in federal CDBG, HOME and HOME CHDO funds. Funding for projects is made available to interested organizations with capacity (private and non-profit) through bi-annual Requests for Proposals.
- Creation of 190 housing units in three RISE areas
- Reduction of blight
- Improvement of housing quality
- A more than 2% increase in the homeownership rate in RISE areas
- Stimulation of private investment
- Generation of $18,000,000 in the mortgage financing community
- Generation of $1,500,000 in local real estate economic activity.
A $9,780,000 five-year RISE budget was established of which more than $8,000,000 has been pledged to date. As of September 20, 2007, 161 housing units are in varying stages of development, 49 houses have been sold, and 10 developers (private and non-profit) and involved.
RISE Goals for FY’04 through FY’08 include the following:
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