2014 Delaware Low Income Housing Tax Credit (LIHTC) Qualified Allocation Plan Approved

The 2014 State of Delaware Low Income Housing Tax Credit (LIHTC) Qualified Application Plan (QAP) was approved this week.  Delaware’s QAP details the guidelines and application process for affordable housing developers seeking Low Income Housing Tax Credits.  The Delaware State Housing Authority (DSHA) will be accepting applications until 3:00 PM on April 30, 2014.  All of this year’s Delaware QAP documents can be found here.

Developers will have the opportunity, again, this year to apply online through the Delaware State Housing Authority’s web based application.

The low income housing tax credit is an essential financing tool for providing quality affordable rental housing to those in need.  Recent moves to overhaul the tax code have targeted the LIHTC program.

 

USDA Rural Development (RD) – Rental Assistance (RA) Update

People have been talking for a long while now about the impact of Sequestration on everything from the Federal court system, to air control terminals, trains and affordable housing rent subsidies – and just about everything else.  With respect to the financial year 2013 and potentially financial year 2014 Federal budgets, Sequestration could have an actual financial impact on expiring rent subsidy contracts.  With respect to rural affordable housing properties receiving rental assistance from the United States Department of Agriculture (USDA) Rural Development Division, anywhere from 300-600 properties may be impacted.  The Rental Assistance provides funds to cover the gap between rent affordable housing tenants can afford and the rent required to effectively operate the property to the standards of the affordable housing program.  In many cases, Rural Development financing and Rental Assistance is leveraged with Low Income Housing Tax Credits (LIHTC) and other sources of financing which rely on the Rental Assistance to be financial viable and compliant.  As such, this Sequestration issue could create a significant domino effect.

We have heard that letters went out from the national Rural Development office to impacted owners providing them with options.  The Council for Affordable and Rural Housing (CARH) has been following this issue and working with its members.  So if you are one of my colleagues in CARH and you received one of these letters, you should reach out to the CARH national office.

2013 Delaware Qualified Allocation Plan (QAP) Final and Approved by Governor Jack Markell

The 2013 Delaware Qualified Allocation Plan (QAP) is now final and approved by Governor Jack Markell.  The QAP provides the process for applying for Federal Low Income Housing Tax Credits (LIHTC).  Low Income Housing Tax Credits (LIHTC’s) are a vital tool in financing quality affordable housing to qualifying tenants in need.  The complete 2013 QAP for Delaware can be found on the Delaware State Housing Authority (DSHA) web site here: http://www.destatehousing.com/Developers/dv_lihtc.php.

 

Habitat for Humanity of New Castle County is Seeking Partner Families

Habitat for Humanity of New Castle County is seeking partner families to join their growing community of new homeowners. HFHNCC invites interested families to join them at one of their five English homeownership seminars or three Spanish-language seminars to be held throughout this year. At the seminars, interested families and individuals will learn about first-time homeownership and how Habitat’s program works to get qualified families into affordable housing. Locations, dates, and times are listed below, and for additional information, interested families can visit www.habitatncc.org or call (302) 652-0365 ext. 120. Dates, times and locations:

HOMEOWNERSHIP SEMINARS:

  • Saturday, February 16 at Cranston Heights Fire Company from 10 a.m. to 12 p.m.

Address: 3306 Kirkwood Highway, Wilmington, DE 19808

  • Saturday, February 23 at Dale United Methodist Church from 10 a.m. to 12 p.m.

Address: 143 East Lake St., Middletown, DE 19709

  • Saturday, May 11 at Cranston Heights Fire Company from 10 a.m. to 12 p.m.
  • Saturday, August 10 at Cranston Heights Fire Company from 10 a.m. to 12 p.m.
  • Saturday, November at 2 Cranston Heights Fire Company from 10 a.m. to 12 p.m.

 

SPANISH LANGUAGE SEMINARS:

  • Wednesday, February 27 at Latin American Community Center 6 p.m. to 8 p.m.

403 North Van Buren Street, Wilmington, DE 19805

  • Wednesday, August 7 at Latin American Community Center from 6 p.m. to 8 p.m.
  • Wednesday, November 6 at Latin American Community Center from 6 p.m. to 8 p.m.

OPEN HOUSES:

  • Sunday, February 17 from 1-4 p.m. at 2115 Menser Way, Wilmington, DE 19802
  • Sunday, February 24 from 1-4 p.m. at 2115 Menser Way, Wilmington, DE 19802

Recently, Habitat has seen a decrease in potential Partner Families, which Beverly Ward, Director of Family Services for Habitat for Humanity of New Castle County says is a result of, “homeowners counting themselves out before they even fully understand the qualifications for our program. We are here for the families; if an interested family doesn’t qualify on the first try, we tell them what they need to do in order to qualify in the future. We currently have four partner families who followed our suggestions and were approved the second time they applied.”

Five years ago, Habitat expanded their building area and constructed several houses in Middletown, DE, which Ward describes as a “high-demand area.” With 15 more houses in the works in Middletown and 11 in Wilmington within the next year and a half, there is ample opportunity for interested families to become first-time homeowners. “Coming to one of our Homeownership Seminars is a great way for interested families to gain more insight into what we do and how to qualify,” says Ward. “For many families it’s the first step to achieving the American dream of homeownership, all with a 0% interest mortgage.” Homeowners project to save over $92,000 over the length of the mortgage. Attending a seminar is required to receive a homeownership application.

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Delaware State Housing Authority (DSHA) will hold its 2013 Low Income Housing Tax Credit (LIHTC) Qualified Allocation Plan (QAP) Public Hearing December 14, 2012

On December 14, 2012 from 9:30 AM – 11:00 AM, the Delaware State Housing Authority (DSHA) will hold its 2013 Low Income Housing Tax Credit (LIHTC) Qualified Allocation Plan (QAP) public hearing at the Department of Natural Resources & Environmental Control’s (DNREC) Auditorium at 89 Kings Highway, Dover, Delaware.  The QAP sets forth the application guidelines for the 2013 allocation of low income housing tax credits from the Internal Revenue Service (IRS) to the State of Delaware.  LIHTC’s represent an important tool for financing quality affordable housing developments for qualifying tenants.

Oral and written comments to the QAP will be accepted until the time of the public hearing.  After consideration of the comments received, DSHA will recommend the final QAP to Governor Jack Markell for approval.

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New Castle County Community Development Block Grant (CDBG), HOME and Emergency Solutions Grant (ESG) Funds Annual Public Meeting

New Castle County announced its annual public meeting Thursday, November 15, 2012 at 9:00 AM for its Fiscal Year 2014 Federal Housing and Community Development Programs including Community Development Block Grant (CDBG), HOME and Emergency Solutions Grant (ESG) Funds.  The application deadline to these programs for Fiscal Year 2014 will be December 14 at 4:00 PM.  The annual public meeting will be at the James H. Gilliam Building in the Gilliam Multi-Purpose Room at 77 Reads Way, New Castle, DE 19720.  You can see the official notice here: New Castle County Federal Programs Meeting Notice November 2012

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2012 Delaware State Housing Authority Annual Report

The Delaware State Housing Authority (DSHA) released its 2012 Annual Report.  You can find it here: 2012 Delaware State Housing Authority Annual Report

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