WILMINGTON, DE — WSFS Financial Corporation (WSFS) will contribute $150,000 to support the next phase of a long-running effort to expand affordable housing in Wilmington’s West Side, the company announced Thursday.
The WSFS CARES Foundation, the bank’s charitable arm, will distribute the grant over three years to the Todmorden Foundation, a nonprofit overseeing the redevelopment of The Flats—an historic neighborhood of more than 450 units originally built in the early 1900s for workers at Bancroft Mills.
The Todmorden Foundation, founded by industrialist and philanthropist William P. Bancroft, manages several hundred affordable rental properties across the city. In recent years, the organization has been working to demolish and rebuild aging units in The Flats to improve living conditions, modernize infrastructure, and increase long-term housing stability for low- and moderate-income families.
Foundation leaders said the WSFS commitment will help finance the construction of 30 new units slated to open in summer 2027. The latest phase includes 180 residences expected to serve roughly 300 people. When complete, the full redevelopment project will house more than 1,000 Wilmington residents.
Patrick J. Ward, executive vice president at WSFS Bank and chairman of the WSFS CARES Foundation, said the bank views affordable housing as a core investment in community health and economic mobility. He noted that WSFS has supported redevelopment of The Flats since the initiative began.
Todmorden Foundation President and CEO Richard Przywara said the project not only addresses long-term housing needs but also supports job creation in construction, property management, and neighborhood maintenance.
The Flats redevelopment remains one of Wilmington’s largest ongoing housing projects, aimed at replacing deteriorated structures with modern, energy-efficient homes designed to serve residents for decades to come.
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