Delaware
State Housing Authority
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
• State Budget Production Reports
• FY 15 Budget Request
DSHA
Core Businesses
Homeownership
Key Activities:
• Homebuyer Mortgages
• Second Mortgage Assistance
• Foreclosure Mitigation
• Home Rehabilitation
Rental
Key Activities:
• Rental Housing Development
• Multi-Family Site Preservation
• Rental Subsidies
• Asset Management
Challenges
• Low Demand - economic
uncertainty
• Underwriting Criteria – harder
for homebuyers to get loans
• Foreclosure– job loss
Challenges
• Increased Demand
• Stricter Permanent Lending
Underwriting Criteria
• Preservation of Affordable
Rental Housing
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
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
FY15 Budget Request
HDF Base Budget
$4,070,000
Affordable Rental Housing Program
$6,000,000
State Rental Assistance Program
$3,000,000
Total DSHA Budget
$13,070,000
Housing Development Fund
FY13 Production Report
$4,070,000 Base Budget
$6,000,000 ARHP (Bond Bill)
Housing Development Fund
FY13 Unit Production
Rental Housing
Rehabilitation/Preservation
New Construction
Rental / Security Deposit
175 Units
70 Units
914 Units
Homeownership
Rehabilitation
Acquisition/Rehabilitation
15 Units
7 Units
New Construction
16 Units
Pre-Purchase Counseling
570 Units
Housing Development Fund
FY13 Funding Leverage
HDF FY13 Funding Summary:
HDF Dollars Allocated
$8.4 million
Low Income Housing Tax Credits
$18.9 million
Private Loans
$12.2 million
Other (Federal, Donations, Contributions)
$23.4 million
Total
$62.9 million

HDF Leveraged Amount
(6.5 : 1 ratio)
$ 54.5 million

Economic Activity Created
(7:1 ratio)
$ 58.8 million

Jobs Created or retained
294
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
1. Affordable Rental Housing
 Rehabilitation of existing units
 Creation of new units
2. Affordable Homeownership
 New units
 Owner-occupied rehabilitation
 Housing counseling
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
Stoneybrook Project
Financing Leverage
Seller Mortgage/Developer Fee: $2 M
Federal HOME Grants: $1.8 M
L
e
v
e
r
a
g
e
Private Investments: $10.8 M
Total Leverage: $24.1 M
Tax Credit Equity: $9.5 M
State Resources (HDF): $ 480,000
13
Stoneybrook Apartments
Before Renovation
During Construction
Cascades
Foreclosed Development
During Construction
Completed Construction
Buford Manlove Manor
Before
After Renovation
Heron Run
Before Renovation
During Construction
Heron Run Completed
Heron Run
Solar Panel Installation
State Rental Assistance
Program
Production Report
$3,000,000 FY14 Budget
$1,900,000 FY14 DSAMH Budget
SRAP Status Report
(as of November 1)
SRAP Vouchers Issued/Leased by Agency
DHSS-DSAAPD
35
7.5%
DHSS-DMMA
53
11.4%
DHSS-DDDS
35
7.5%
DHSS-DSAMH
252
54.2%
DSCYF-Youth
52
11.2%
DSCYF-Families
38
8.2%
TOTAL
465
100%
SRAP Production Report
SRAP Production and Pipeline (as of 11/1/2013):
Applications
Pending
Vouchers Issued
Applications
Pending
(#)
Funds
Reserved
($)
Vouchers
Issued
(#)
Funds
Reserved
($)
34
$289,000
124
$1,054,000
Units Leased
Total
Units Leased
(#)
Funds
Encumbered
($)
Application,
Vouchers
and Units
(#)
Total Funds
Reserved
and
Encumbered
($)
341
$2,688,785
499
$4,031,785
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
 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
 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
FY15 Budget Request
HDF Base Budget
$4,070,000
Affordable Rental Housing Program
$6,000,000
State Rental Assistance Program
$3,000,000
Total DSHA Budget
$13,070,000
Contact Information
Anas Ben Addi, Director
Delaware State Housing Authority
18 The Green
Dover, Delaware 19901
Telephone: 739-4263  Fax: 739-6122
Toll Free: 888-363-8808
E-mail: Anas@destatehousing.com
Thank you!