BPG donates building to DE Affordable Housing Group
- MAREJ
- 45 minutes ago
- 2 min read
The $1 deal advances middle-income affordability
WILMINGTON, DE — Buccini Pollin Group, Inc. (BPG) announced the $1 dollar sale of the 417 N. Market St. building to Delaware Affordable Housing Group (DAHG), the non-profit affiliate of Wilmington Housing Authority (WHA).
The 5,200 s/f building will be redeveloped into five, one-bedroom apartments, including one handicap accessible unit, and 800 s/f of ground-floor retail space. The modern units will be rent-stabilized for middle-income residents, with rents priced at 25% below the US Department of Housing and Urban Development (HUD)’s Fair Market Rents (FMR) for the neighborhood.
“Fostering thriving, diverse communities is a cause I care deeply about. The partnership with WHA and DAHG allows us to repurpose underutilized property to help develop inclusive neighborhoods for all,” said Rob Buccini, founder, Buccini Pollin Group. “Thank you to City Councilwomen Latisha Bracy, Zanthia Oliver, and Michelle Harlee for their help in coordinating this impactful opportunity.”
DAHG plans to begin renovations this year. Annual rent increases for the units will be limited to 1% to ensure the long-term affordability of the apartment complex.
“Delaware is facing a severe affordable housing crisis, and the local community has made it clear that we can’t leave behind the moderate-income individuals and families who are currently rent-burdened,” said Vincent White, vice president of operations, DAHG. “Cross-sector and public-private partnerships are essential in creating innovative housing solutions. We appreciate Buccini Pollin Group’s generous donation to help us bridge the critical ‘missing middle’ housing gap in Wilmington.”
DAHG owns the property and WHA will fund the renovations and provide property management services.
BPG Cares, the organization’s community outreach arm, works to improve quality of life through nonprofit partnerships, community service, and programs focused on youth, workforce development, and arts and placemaking.
