Developers

NEW Development Funding Available!

  • Multifamily Revenue Bond Accelerator Fund
    • Up to $15 million in additional gap financing available
    • For 4% LIHTC applications in the New Housing Creation Pool submitted on the April 28, 2023 deadline
    • To the extent funding remains available after that date, applications for this fund will be on a rolling basis, in a manner similar to that described in the 2023-2024 QAP for 4% applications generally.
  • Multifamily Preservation Fund
    • Up to $15 million in additional gap financing available
    • For both 9% and 4% LIHTC applications in the Preservation Pool submitted on the April 28, 2023 deadline
    • To the extent that funding remains available after that date, applications for this fund will be on a rolling basis, in a manner similar to that described in the 2023-2024 QAP for 4% applications generally.

These funds are being made available from State and Local Fiscal Recovery Funds (SLFRF) received by DSHA from the State of Delaware through the American Rescue Plan Act (ARPA). Borrowers will be responsible for ensuring that all reporting and compliance requirements of the SLFRF are met during the life of the loan. In addition to the Housing Development Fund permanent financing specified in the 2023-2024 Qualified Allocation Plan (QAP) supplement and the HOME funds available to the highest scoring 4% application, DSHA will make up to $35,000/unit available in SLFRF ARPA funds to qualified applications for these Funds. There will be no per project limit to this financing. All units receiving SLFRF ARPA funds must meet tenant income eligibility requirements under the LIHTC program.

If you have questions on either Fund's requirements, please contact Susan Eliason at 302-739-4263 or susane@destatehousing.com. Questions on the LIHTC application process should be directed to Tara Rogers at 302-739-4263 or tara@destatehousing.com.

Mixed Income Market Fund (MIMF)

The Delaware State Housing Authority (DSHA) has set aside $7 million in State and Local Fiscal Recovery Funds (SLFRF) to create the Mixed Income Market Fund (formerly known as the Market Rate Accelerator Fund). The MIMF is designed to accelerate the production of affordable rental units to households with incomes at or below 65% AMI by providing favorable financing terms to create affordable units in planned market rate rental developments. Applications will be accepted on a rolling basis starting on November 6, 2023 until September 30, 2024 or as long as funds are available.

Program Guidelines can be found here:
Program Applications can be found here:

Catalyst Fund

The Catalyst Fund is a new program funded by an allocation of State and Local Fiscal Recovery Funds (SLFRF) from the State of Delaware to Delaware State Housing Authority. The Fund is designed to support efforts to address vacant property in communities disproportionately impacted by the COVID-19 pandemic. The Catalyst Fund will promote neighborhood revitalization and an equitable recovery by providing developers with gap funding to renovate vacant homes. and/or build new homes on vacant land, for sale to home-owners.

Check to see if your project is in an eligible area: https://arcg.is/afy5r0

Detailed information on this program can be found at this link: Catalyst Fund

If you have questions on the Catalyst Fund, please email CatalystFund@destatehousing.com.

Want to learn even more? Watch a recording of the information session here or view the PPT presentation here.

Downtown Development Districts Rebate Program

Owners or tenants (Investors) who make qualified real property investments in a designated Downtown Development District (DDD) are entitled to receive rebates of up to 20% of the cost of their investments. This includes for-profit builders and investors, nonprofit organizations, businesses, and even homeowners. However, governments are not eligible for DDD rebates.

The DDD rebate program is administered at the State level by the Delaware State Housing Authority (DSHA). Anyone seeking to apply for a DDD rebate should apply directly with DSHA, not the municipality in which the DDD is located.

Market Pressure Relief Fund

The Delaware State Housing Authority (DSHA) recognizes that the COVID-19 Pandemic has created unprecedented increases in construction material costs. To assist cost overruns caused by current market conditions, DSHA has made available $9MM in State and Local Fiscal Recovery Funds (SLFRF) to create the Market Pressure Relief Fund (MPRF) program. This program will provide additional funding for Low Income Housing Tax Credit (LIHTC) and DSHA-funded multifamily projects currently under construction with documented construction material price increases.

Application Materials for the MPRF

Strong Neighborhoods Housing Fund

The Delaware State Housing Authority (DSHA) has received more than $8 million dollars from various financial mortgage settlements to maintain the Strong Neighborhoods Housing Fund (SNHF) over the last six years. In FY2020, $2.5 million is available to continue the Strong Neighborhoods Housing Fund. The SNHF is set up as a revolving fund to be used for the acquisition, renovation, and sale of vacant, abandoned, foreclosed or blighted property throughout the State. The funds are targeted for efforts that:

  • Support community development, and/or
  • Transform neighborhoods that are experiencing blight or other forms of stress, including high crime.

Affordable Rental Housing

Housing Development Fund

This program is designed to provide financing for developers and homeowners through sponsoring agencies. Types of developments that will be considered include, but are not limited to, the acquisition and/or rehabilitation of existing housing, the adaptive reuse of nonresidential buildings, and new construction. Both rental and for-sale housing will be considered.

The Housing Development Fund is available statewide to both nonprofit and for-profit developers for low- and moderate-income housing in Delaware.

Related:
Where can I find cost certification guidelines?

HOME Investment Partnerships (HOME)

This federal program is offered statewide by DSHA and provides financial assistance to affordable housing providers, often in conjunction with Housing Development Fund financing. Nonprofit and for-profit developers and other housing agencies may apply for HOME financial assistance for acquisition, demolition, new construction, reconstruction, conversion or rehabilitation of single- or multi-family housing and transitional/group housing.

Low Income Housing Tax Credits (LIHTC)

The LIHTC program is a federal source of affordable housing development financing available statewide that provides a direct federal income tax credit to qualified owners and investors to build, acquire or rehabilitate affordable rental housing units for low-income Delawareans. The LIHTC is the largest source of affordable housing development and preservation in Delaware and provides a source of financing for quality housing to low-income Delawareans who can afford a monthly rent payment, but cannot afford to pay market rate rents.

National Housing Trust Fund (NHTF)

NHTF is a new affordable housing production program that will complement existing Federal, State, and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low-income (ELI) and very low-income households (VLI), including homeless families.

Funding for the NHTF comes from an assessment on loans made by Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association (Fannie Mae). For Fiscal Year 2016, Delaware will receive $3 million.

Multi-Family Mortgage Revenue Bond Program (MFMRB)

This statewide program permits DSHA, through the issuance of tax-exempt mortgage revenue bonds to finance the acquisition, new construction or substantial rehabilitation of apartment complexes which are available for rent to low-income individuals and families. It allows both corporate and private investors to receive a fair return on their investment in affordable housing. The program allows individuals, as well as limited partnerships who own rental housing for low-income families, to utilize the credit.

Bond financing requests are considered on a case by case basis. Tax exempt issues are limited by the size of the state's allocation of tax exempt bond authority.



Affordable Homeownership

Housing Development Fund

This program is designed to provide financing for developers and homeowners through sponsoring agencies. Types of developments that will be considered include, but are not limited to, the acquisition and/or rehabilitation of existing housing, the adaptive reuse of nonresidential buildings, and new construction. Both rental and for-sale housing will be considered.

The Housing Development Fund is available statewide to both nonprofit and for-profit developers for low- and moderate-income housing in Delaware.

Related:
Where can I find cost certification guidelines?

HOME Investment Partnerships (HOME)

This federal program is offered statewide by DSHA and provides financial assistance to affordable housing providers, often in conjunction with Housing Development Fund financing. Nonprofit and for-profit developers and other housing agencies may apply for HOME financial assistance for acquisition, demolition, new construction, reconstruction, conversion or rehabilitation of single- or multi-family housing and transitional/group housing.



I am interested in MITAS/Property Management Training

Internet Property Management Training

DSHA along with MITAS are excited to provide you with online training with our new Internet Property Management software. These training videos contain instructions to familiarize you with the fundamental skills needed to use the MITAS Internet Property Management software.