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Delaware State Housing Authority 18 The Green Dover, DE 19901 (302) 739-4263 ■ (888) 363-8808

FY ’15 Budget Public Hearing November 26, 2013. Delaware State Housing Authority 18 The Green Dover, DE 19901 (302) 739-4263 ■ (888) 363-8808. Visit us at www.destatehousing.com. DSHA Presentation. Presentation Summary – Core Businesses Accomplishments and Highlights

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Delaware State Housing Authority 18 The Green Dover, DE 19901 (302) 739-4263 ■ (888) 363-8808

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  1. FY ’15 Budget Public Hearing November 26, 2013 Delaware State Housing Authority18 The GreenDover, DE 19901(302) 739-4263 ■ (888) 363-8808 Visit us at www.destatehousing.com

  2. DSHA Presentation Presentation Summary – • Core Businesses • Accomplishments and Highlights • State Budget Production Reports • FY 15 Budget Request

  3. Rental Key Activities: Rental Housing Development Multi-Family Site Preservation Rental Subsidies Asset Management Challenges Increased Demand Stricter Permanent Lending Underwriting Criteria Preservation of Affordable Rental Housing DSHA Core Businesses Homeownership Key Activities: • Homebuyer Mortgages • Second Mortgage Assistance • Foreclosure Mitigation • Home Rehabilitation Challenges • Low Demand - economic uncertainty • Underwriting Criteria – harder for homebuyers to get loans • Foreclosure– job loss

  4. DSHA Accomplishments and Highlights Fiscal Year 2013 Benchmarks – • 708 mortgages financed • 1,100 families received foreclosure counseling • 100 homeowners saved with direct assistance • 153 foreclosed/vacant homes brought back online • 325 affordable rental units built or renovated • 400 SRAP vouchers issued

  5. DSHA Accomplishments and Highlights New Initiatives – • First-time homebuyer tax credit • New “Home Again” program • Foreclosure prevention and recovery • Manufactured housing assistance • $5 million in new rental subsidies

  6. FY15 Budget Request

  7. Housing Development Fund FY13 Production Report $4,070,000 Base Budget$6,000,000 ARHP (Bond Bill)

  8. Housing Development FundFY13 Unit Production Rental Housing Homeownership

  9. Housing Development FundFY13 Funding Leverage HDF FY13 Funding Summary: • HDF Leveraged Amount $ 54.5 million • (6.5 : 1 ratio) • Economic Activity Created $ 58.8 million • (7:1 ratio) • Jobs Created or retained 294

  10. Housing Development Fund FY15 Budget Request $4,070,000 Base Budget$6,000,000 Bond Bill

  11. Housing Development FundBase Budget Request $4,070,000 • Affordable Rental Housing • Rehabilitation of existing units • Creation of new units • Affordable Homeownership • New units • Owner-occupied rehabilitation • Housing counseling

  12. Affordable Rental Housing Program $6,000,000 Need for an ongoing rental housing investment program funded by the state FY15 outcomes from $6 million: • Leverage Federal tax credit programs • Preservation and new construction of shovel-ready projects • 3-4 sites (200-300 units) • Leverage $24 million in other funds • Economic impact of $42 million • 225 Delaware jobs

  13. Stoneybrook Project Financing Leverage Leverage Seller Mortgage/Developer Fee: $2 M Total Leverage: $24.1 M Federal HOME Grants: $1.8 M Private Investments: $10.8 M Tax Credit Equity: $9.5 M State Resources (HDF): $ 480,000 13

  14. Stoneybrook Apartments Before Renovation During Construction

  15. Cascades Foreclosed Development During Construction Completed Construction

  16. Buford Manlove Manor Before After Renovation

  17. Heron Run Before Renovation During Construction

  18. Heron Run Completed

  19. Heron RunSolar Panel Installation

  20. State Rental Assistance ProgramProduction Report $3,000,000 FY14 Budget$1,900,000 FY14 DSAMH Budget

  21. SRAP Status Report(as of November 1)

  22. SRAP Production Report SRAP Production and Pipeline (as of 11/1/2013):

  23. Program Recognition • 2011 Honorable Mention in Governor’s Team Excellence Awards • 2012 National Association of Housing and Redevelopment Officials (NAHRO) National Award of Merit • 2013 National Council of State Housing Finance Agencies (NCSHA) National Annual Award for Program Excellence

  24. State Rental Assistance ProgramSRAP DOE Pilot Program • MOU with DOE and DSCYF to create 100 vouchers • Vouchers will cover one 12-month period • School homeless coordinators to make eligibility determination, referral, and provide services • According to DOE, there are 3,000 homeless families with at least one child in school • High cost to transport homeless students • Students with stable housing perform better in school

  25. SRAPFY 15 Request $3,000,000 • DSHA request for $3 million in FY15 to maintain vouchers issued in FY13 and FY14 • SRAP program expansion to meet needs of DHSS/DOJ Settlement • $1.9 million allocated to the SRAP program by DHSS/DSAMH to maintain issued vouchers • Funding for additional vouchers to comply with the Settlement if made available

  26. FY15 Budget Request

  27. Contact Information Anas Ben Addi, Director Delaware State Housing Authority18 The Green Dover, Delaware 19901Telephone: 739-4263  Fax: 739-6122Toll Free: 888-363-8808 E-mail: Anas@destatehousing.com Thank you!

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