Imani Village Phase IV Will Add 84 Affordable Units to the Riverside Community
CPC Mortgage Company Previously Financed 101 Affordable Units for Imani Village Phase III
Wilmington, DE, (July 21, 2025) — CPC Mortgage Company, a subsidiary of the Community Preservation Corporation, and Pennrose Holdings, LLC announced the closing of $6.8 million in Freddie Mac financing for Imani Village Phase IV, the next phase of an eight-phase project by Pennrose that will provide more than 700 units of new housing to northeast Wilmington. Last year, CPC Mortgage Company and Pennrose closed on $7.08 million in Freddie Mac financing for the 101 units in phase three of the project, for a total of $13.88 million for 185 affordable units across phases three and four.
“Imani Village is the perfect example of how CPC Mortgage Company can drive positive impact in communities through investing in quality, affordable housing,” said Steve Getz, Managing Director, Affordable Lending, CPC Mortgage Company. “We are excited to partner with a company like Pennrose, which is focused on revitalizing a historic Wilmington neighborhood by giving people a place they can afford to call home. Thank you to Pennrose Holdings and all of the stakeholders who are helping making Imani Village a reality.”
“The closing of Imani Village Phase IV represents a pivotal step forward in the ongoing revitalization of Wilmington’s Riverside neighborhood, delivering a high-quality, mixed-income development that supports a diverse and vibrant community,” said Jacob Fisher, regional vice president at Pennrose. “We’re grateful for CPC Mortgage Company’s partnership and shared commitment to expanding access to affordable housing in Wilmington. Together, we’re proud to help shape a stronger future where all residents can thrive.”
CPC Mortgage Company delivered a $6.8 million Freddie Mac Targeted Affordable Housing Forward loan to finance the 84 units in Imani Village Phase IV. Thirty-eight (38) of the units will rent at 50% of area median income (AMI) or roughly $59,700 per year for a household of four. Ten units will rent at 60% AMI, about $71,640 for a household of four, and nine units will rent at 30% AMI, about $35,820 per year for a household of four. Twenty-seven (27) units will be market rate.
Nine units are reserved for special needs populations, such as veterans, youth exiting foster care, people with disabilities, or people living with HIV-related illnesses.
Construction is scheduled to begin this year and finish by Feb. 2027.
In November 2024, CPC Mortgage Company and Pennrose closed on a $7.08 million Freddie Mac Unfunded Forward Loan to finance 101 units in Imani Village Phase III. Thirteen (13) of those units will rent at or below 60% AMI, 44 units will rent at 50% AMI, and 11 units will rent at 30% AMI. Thirty-three (33) Phase III units will be market rate.
Imani Village represents a significant investment in revitalizing Wilmington’s Riverside community. The property features one-, two-, three-, and four-bedroom apartment homes for low-income residents. Some units are set aside for seniors, veterans, and individuals with disabilities. The property’s first units opened in 2022. Many sources provided financing for Imani Village’s first two phases, including Purpose Built Communities, the Wilmington Housing Authority, REACH Riverside, the City of Wilmington, the County of New Castle, and M&T Bank. Other financing, including Low Income Housing Tax Credits and a 2023 federal Choice Neighborhoods Initiative grant also helped make the project’s first two phases possible.
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CPC Mortgage Company is one of the nation’s only nonprofit-owned Agency mortgage lender bringing social impact and a nonprofit mission to the mortgage lending industry. This innovative model leverages the unique expertise of its owners, The Community Preservation Corporation, Cinnaire and National Equity Fund, with the goal of bringing flexible capital to communities to expand and preserve affordable and workforce housing. The company offers a suite of Freddie Mac, Fannie Mae, and FHA multifamily finance products. Revenue generated by CPC Mortgage Company supports its partners’ work to create a positive social impact through investments in housing and community development. Visit CPC Mortgage Company on the web and on LinkedIn, Twitter, & Facebook.