Council on Housing Meeting Minutes November 17 2025
$10.12M Construction & Permanent Financing for Georgetown II Apartments
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Description
Council on Housing approved a $7 million construction loan and a $3.12 million permanent loan from the Housing Development Fund for the Georgetown II Apartments project. The financing supports acquisition, rehab, and new construction for 62 affordable and market-rate family units.
Contract Details
Contract Amount
$7,000,000 construction loan at 3% for 24 months; $3,120,000 permanent loan at 1% for 30 years
Vendor
GEORGETOWN II APARTMENTS
Agency
Delaware State Housing Authority, DE
Contract Type
CONSTRUCTION
Document Date
November 17, 2025
Contract Term
24 months construction; 30 years permanent financing
Renewal Date
2055-11-17
Renewal Info
Construction loan term is 24 months; permanent loan is a 30-year deferred second mortgage. No auto-renewal stated.
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