Gov. John Carney announces some American Rescue Plan Act funding will go towards affordable housing and housing development initiatives.
Delaware State Housing Authority Director Eugene Young says approximately $50 million will be divided accordingly for four new programs, and DSHA will administer them through 2026.
The new programs are the Catalyst Fund, Market Pressure Relief Fund, Accelerator Fund, and the Preservation Fund.
They’re intended to create and preserve affordable homeownership opportunities through the acquisition and rehab of vacant homes and relieve economic cost pressures on affordable housing development.
They will also provide incentives to market-rate rental developers with projects delivering affordable rental units- and ensure affordability in existing affordable housing stock.
Young says the funds are needed since the pandemic hit housing hard.
"The pandemic has shined a light on a growing issue around lack of housing and also housing affordability in our state, and we look forward to working with a variety of different partners, developers, nonprofit agencies, organizations alike to help and just getting more units available and preserving units that we have," said Young.
Young says addressing affordable housing is a priority.
"We've been working with the governor's office to outline a plan just to increase and add more affordable units throughout our state,” said Young. “That's essentially what it boils down to. To keep affordable housing affordable and to add affordable housing."
Another $28 million in ARPA funds will target a series of projects statewide seeking to rehab current properties, expand ownership opportunities, and secure properties for more affordable housing development for low-income residents.
New Castle County projects will see 11.5 in funding while just under $10 million goes to Sussex County projects and about $7 million to efforts in Kent County.
The Wilmington Housing Authority, Southbridge Beautification, Dover Interfaith Mission for Housing, Milford Housing Development Corporation, NCALL Land Bank, and Sussex Habitat for Humanity are among the groups getting funding for various projects.
The Wilmington Neighborhood Conservancy Land Bank, Todmorden Foundation/Woodlawn Trustees, and NCALL will also get funding for projects.
