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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

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

dsha presentation
DSHA Presentation

Presentation Summary –

  • Core Businesses
  • Accomplishments and Highlights
  • State Budget Production Reports
  • FY 15 Budget Request
dsha core businesses

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
dsha accomplishments and highlights
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
dsha accomplishments and highlights1
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
slide7

Housing Development Fund FY13 Production Report

$4,070,000 Base Budget$6,000,000 ARHP (Bond Bill)

housing development fund fy13 funding leverage
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
slide10

Housing Development Fund FY15 Budget Request

$4,070,000 Base Budget$6,000,000 Bond Bill

housing development fund base budget request 4 070 000
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
affordable rental housing program 6 000 000
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
slide13

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

stoneybrook apartments
Stoneybrook Apartments

Before Renovation

During Construction

cascades
Cascades

Foreclosed Development

During Construction

Completed Construction

buford manlove manor
Buford Manlove Manor

Before

After Renovation

heron run
Heron Run

Before Renovation

During Construction

slide20

State Rental Assistance ProgramProduction Report

$3,000,000 FY14 Budget$1,900,000 FY14 DSAMH Budget

srap production report
SRAP Production Report

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

program recognition
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
state rental assistance program srap doe pilot program
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
srap fy 15 request 3 000 000
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
contact information
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!