Delaware
From blueprint to breakthrough: Tackling affordable housing in Wilmington
Pennrose and JPMorganChase help neighborhoods – and residents – thrive.
Finding an affordable place to live continues to be a challenge for many as widespread housing shortages persist across the U.S. Rising home prices and high interest rates have made homeownership inaccessible for a large portion of the population. Meanwhile, as rental demand increases, the number of renters facing affordability challenges is also on the rise.
The State of the Nation’s Housing 2025 by Harvard University’s Joint Center for Housing Studies reveals that cost burdens for renters reached another record high in 2023. Similarly, the JPMorganChase Institute reports that renter affordability is declining and forcing people to devote more of their take-home pay to housing costs. There is a growing need for affordable housing across the U.S., and that rings true here in Wilmington.
To close that gap, it’s essential that all Wilmington residents share in its growth with housing options that accommodate a range of needs and budgets. For the Pennrose real estate firm, this meant delivering a concrete solution to the local community, resulting in housing for individuals and families who otherwise might not have been able to live in the area.
Reinvesting in Wilmington’s Riverside
In Wilmington, the Riverside redevelopment initiative is focused on neighborhood stability at a scale that can be felt across generations – bringing housing, education and community resources together so families can remain rooted and move forward. Imani Village, developed by Pennrose in partnership with the Wilmington Housing Authority and nonprofit community organization REACH Riverside and constructed with support from JPMorganChase, is part of this broader effort, which is expected to create more than 600 high-quality, mixed-income homes while also enhancing and expanding EastSide Charter School and Kingswood Community Center to help establish a “cradle to college/career readiness education pipeline.”
By tying new housing to strengthened local institutions, the redevelopment aims to reduce the pressure that forces families to relocate and instead keep children closer to school, neighbors closer to one another and residents connected to the services that help them thrive. In practical terms, Imani Village represents not just additional homes, but a commitment to building a neighborhood where opportunity is easier to access and easier to keep.
“We’re proud of the far-reaching impact this project will have. It reflects Pennrose’s mission to uplift our communities and expand the supply of high-quality, affordable homes,” said Brett Macleod, Community Development Banking, J.P. Morgan. “Every additional housing unit matters – and increasing the number that are affordable is critical.”
A broader commitment to Wilmington’s future
While Imani Village is foundational, the vibrancy of a community depends on much more. In Delaware, the firm provides banking services to 215,000 customers and works across sectors to expand economic opportunity. Over the last five years, JPMorganChase has invested more than $25 million in local nonprofit organizations, supported 25,000 small business clients and delivered financial health education to thousands of residents to broaden access to banking, financial health resources, homeownership and other wealth-building tools.
“As we work with local stakeholders to expand housing options, JPMorganChase’s goal is to create inclusive economic opportunity for all,” said Don Mell, Location Management, Americas East Region Lead and member of the Delaware & Philadelphia Market Leadership Team at JPMorganChase. “When our communities thrive, we all thrive.”
Learn more about affordable housing and community development at jpmorgan.com/commercial-real-estate.