Stimulus Funding Saves Community and Jobs
Hollybrook Farms, LP, has just received more than $4.3 million in funding through the American Recovery and Reinvestment Act of 2009 (ARRA) to renovate units at the housing community, located in Laurel, Delaware. The funding, which was made available through ARRA’s Tax Credit Exchange Provisions, will save the property from foreclosure and preserve 124 units, in addition to the federal annual subsidy of $649,000. The project will also provide nearly 200 jobs during construction.
The Hollybrook Apartment community has 15 buildings, which have been redesigned (new roofs, exterior, siding, windows) with all new HVAC systems, plumbing, bathrooms, kitchens, carpet, vinyl flooring, and appliances. Appliances and HVAC are Energy Star-efficient. Six handicapped-accessible units have been completed, along with a new community building, new offices, and a new maintenance building. The project is currently about 72 percent complete.