Owning a home is part of the American Dream. Homeownership strengthens neighborhood stability and for many Delawareans their home is their biggest investment and a primary source of financial security. Promoting homeownership is a good way to improve peoples’ lives, and the Delaware State Housing Authority has led our effort to expand those opportunities through programs like our first-time homebuyer tax credit and the Home Again initiative for repeat homebuyers.
Our Downtown Development Districts are providing incentives to developers to build near employment centers and close to public transportation, and we’ve increased homeownership opportunities for Delawareans across income levels. Through access to credit and down payment and settlement assistance, DSHA has helped more than 5,500 Delaware families purchase a home since 2009. And that has helped sustain housing demand and power our economic growth.
Even with these resources, homeownership is still out of reach for those who need assistance to achieve financial stability and secure credit. That’s driven our focus on financial literacy and programs like “Stand By Me” which provides financial coaching to prospective homebuyers. This week the program expanded with new services for those who would be turned away from lenders without necessary help. That will give more people a chance at homeownership, people like Maria Martinez who is participating in the program and hopes to purchase her first home soon. These initiatives demonstrate the good we can do by working across agencies, with not-for-profits and the business community to solve problems for real people, and thanks to these partnerships Delaware’s homeownership rate today is the third highest in the country. That’s an advantage as we compete in the global marketplace for new businesses and new jobs. And that will keep Delaware moving forward.