Eight large projects are awarded Downtown Development Districts funding reservations.
The Delaware State Housing Authority awards $3.43 million to revitalization projects in Wilmington, Dover, Georgetown and Smyrna.
It's the latest round of Downtown Development District funding that seeks to revitalize commercial, mixed-use and residential buildings through new construction and rehabilitation.
"So, this year we have nearly $3.5 million that we'll be leveraging the investments of the developers in this case. They will contribute a total of $22 million in private investment to these projects across the eight projects in the different Downtown Development Districts,” said DSHA Director Matthew Heckles. “The leverage on this program is really remarkable."
This set of awards is going to five projects and four developers in Wilmington along with single projects in Dover, Smyrna and Georgetown.
While the state funding will leverage almost $22 million in private investment, but DSHA Director Matthew Heckles says the impact goes beyond that.
"Affordable housing, small business development, community enhancement and making a better place to live in our towns. All of that, but also the tax revenue that could be generated from that investment activity. The jobs that are created," said Heckles.
About $66,000 remaining in this year’s $3.5 million funding round will be transferred to the small-project set-aside for the rest of the funding cycles.
Small-project applications are accepted until all available funding is allocated.
