The first phase of a multi-year project to redevelop the Flats neighborhood on the West Side of Wilmington finished today with a ribbon-cutting ceremony attended by Gov. John Carney and Mayor Michael Purzycki.

The first phase brings 72 new units to the neighborhood, including 15 that are ADA accessible. The homes are available for individuals earning 30 to 60 percent of the area median income. The project cost $15.8 million and attracted a mix of state and philanthropic funds.

"When families step into houses, they become homes, and creating more affordable, stable housing and stronger neighborhoods is a goal of my administration," Carney said at the ceremony. "This historic area in Wilmington is being redeveloped into modern, efficient, comfortable and affordable homes, creating a new shape for this storied neighborhood."

The groundbreaking for Phase 2, which includes another 72 units, took place after the ribbon cutting. The Delaware Housing Development Fund, overseen by the Delaware Housing Authority, provided $6.56 million to both phases.

The project is a partnership between Housing Development Corporation MidAtlantic, a nonprofit developer, and FHLBank of Pittsburgh, a cooperative of local financial institutions. Todmorden Foundation, Inc., a nonprofit foundation, has offered funding and support.