Delaware State Housing Authority FY ’15 Budget Public Hearing November 26, 2013 Delaware State Housing Authority 18 The Green Dover, DE (302) ■ (888) Visit us at

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 Challenges Low Demand - economic uncertainty Underwriting Criteria – harder for homebuyers to get loans Foreclosure– job loss 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 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

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 Homeownership Rehabilitation/Preservation175 Units New Construction70 Units Rental / Security Deposit914 Units Rehabilitation15 Units Acquisition/Rehabilitation7 Units New Construction16 Units Pre-Purchase Counseling570 Units

Housing Development Fund FY13 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 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

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 ( units) Leverage $24 million in other funds Economic impact of $42 million 225 Delaware jobs

Stoneybrook Project Financing Leverage 13 LeverageLeverage State Resources (HDF): $ 480,000 Federal HOME Grants: $1.8 M Seller Mortgage/Developer Fee: $2 M Private Investments: $10.8 M Tax Credit Equity: $9.5 M Total Leverage: $24.1 M

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-DSAAPD357.5% DHSS-DMMA5311.4% DHSS-DDDS357.5% DHSS-DSAMH % DSCYF-Youth5211.2% DSCYF-Families388.2% TOTAL465100%

SRAP Production Report Applications Pending Vouchers IssuedUnits LeasedTotal Applications Pending (#) Funds Reserved ($) Vouchers Issued (#) Funds Reserved ($) Units Leased (#) Funds Encumbered ($) Application, Vouchers and Units (#) Total Funds Reserved and Encumbered ($) 34$289,000124$1,054,000341$2,688,785499$4,031,785 SRAP Production and Pipeline (as of 11/1/2013):

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

Contact Information Anas Ben Addi, Director Delaware State Housing Authority 18 The Green Dover, Delaware Telephone:  Fax: Toll Free: Thank you!