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Delaware State Housing Authority

Delaware State Housing Authority. presents. Agenda. Delaware State Housing Authority (DSHA) Home Ownership Products Development of Live Near Your Work Eligibility Criteria Partnerships Administration of Program Summary. Delaware State Housing Authority (DSHA).

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Delaware State Housing Authority

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  1. Delaware State Housing Authority presents

  2. Agenda • Delaware State Housing Authority (DSHA) • Home Ownership Products • Development of Live Near Your Work • Eligibility Criteria • Partnerships • Administration of Program • Summary

  3. Delaware State Housing Authority (DSHA) • State Housing Finance Agency • Director - Member of Governor’s Cabinet • Statewide Resources for Home Ownership and Rental Affordable Housing

  4. Home Ownership Products • First Time Home Buyer Mortgage Loans • Housing Rehabilitation Loans • Foreclosure Prevention Loans • Down Payment & Settlement Assistance • 2nd Mortgage Product • Assisted Grant • Live Near Your Work • $3,000 grant toward closing costs of home within 3 miles of employment.

  5. Development of Live Near Your Work • Livable Delaware Initiative • Joint commitment and partnership with: • Employers • Jurisdictions • Lenders • Delaware State Housing Authority • Win – Win - Win

  6. Participating Employers • Aloysius, Butler, & Clark • Aramark (Wesley College) • City of Milford • City of Wilmington • Dover Housing Authority • Horizon House, Inc. • LACC • Mona Lisa Restaurant • Neighborhood House, Inc. • PATS, Inc. • Perdue Farms, Inc. • Seawatch International • St. Francis Hospital • Town of Milford • Town of Georgetown • University of Delaware • Wesley College • West End Neighborhood House • West Side Health, Inc. • Wilmington Friends School

  7. Household Income Property LocationIncome Limit New Castle County • 1 to 2 Person Households $77,800 • 3 or More Person Households $89,470 Kent & Sussex Counties • 1 to 2 Person Households $70,800 • 3 or More Person Households $81,420

  8. Property Eligibility • Location in designated LNYW area • 3 mile radius from the employer • Livable Delaware boundaries • Purchase Price Limits • New Castle County: $366,990 • Kent County $328,762 • Sussex County $327,670 • 1 –Unit Properties Only

  9. LNYW -Jurisdictions

  10. HUD-Approved Housing Counseling Agencies • First State Community Action Agency • Hockessin Community Center • HOND • Interfaith Community Housing Delaware • NCALL Research • Neighborhood House • West End Neighborhood House • YWCA Delaware

  11. Summary • Best Practices • Eco- Friendly Promotion • Unique Product for Targeted Marketing by Realtors and Lenders. • Minimal & Controlled Financial Investment • Identify Natural Partners • Challenges • Economy & Real Estate Market • Home Buyers’ Preferences

  12. CONTACT INFORMATION Cynthia Karnai Director of Housing Finance cynthia@destatehousing.com 820 N. French Street, 10th Floor Wilmington, DE 19801 Phone: 302.577.5001 FAX: 302.577.5021 www.DeStateHousing.com

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