DSHA Launches Two New Programs To Help Homebuyers

Dover, DE – Governor Jack Markell joined Delaware State Housing Authority (DSHA) Director Anas Ben Addi today to announce two new homeownership programs that will help make homeownership more affordable. DSHA-Paid Mortgage Insurance (MI) will give buyers a lower monthly housing payment by removing the requirement that they purchase mortgage insurance if they do not have a 20% downpayment at the time of settlement. The Home Purchase Rehab program will allow buyers to purchase a home at a low interest rate and make repairs and/or energy improvements in one simple loan.                             DSC_0196

“The new DSHA-Paid Mortgage Insurance and Home Purchase Rehab programs will put the dream of homeownership within reach for more families in Delaware,” said Governor Markell. “When houses are purchased and get repaired, our neighborhoods and our economy benefit – people are put to work, materials are bought, and pride of ownership becomes more evident in our neighborhoods.”

“DSHA makes it a priority to search for new and creative ways to expand the number of programs available to homebuyers so that we can best meet their needs and offer products that will help them to be successful,” added DHSA Director Anas Ben Addi.

Generally, homebuyers who wish to purchase a home with less than a 20% downpayment are required to pay an additional monthly bill for mortgage insurance (MI). DSHA-Paid Mortgage Insurance will pay the required mortgage insurance cost on behalf of the homebuyer in exchange for a slightly higher interest rate.  Homebuyers using the DSHA-Paid MI program will have a more affordable monthly housing cost because they will not be required to pay the monthly mortgage insurance premium in addition to their regular monthly mortgage payment.  For example: If you purchase a home with a sales price of $186,000, this program will allow you to purchase the home with a down- payment as little as $5,580 and an estimated monthly payment of $914.00.  This is a savings of over $70 per month, as compared to DSHA’s standard conventional loan with the same downpayment.  This amounts to an annual savings of nearly $900 per year, or the equivalent of an average monthly mortgage payment.

The Home Purchase Rehab program allows homebuyers who wish to purchase a home which is in need of repair or upgrading to take advantage of having the cost to purchase the home and the cost of the repairs (up to $35,000) combined into one loan. Homebuyers may choose to do repairs as simple as painting, or replacing carpeting or appliances to as large as remodeling, accessibility modifications, a new roof, HVAC, or energy efficiency improvements.  Most homeowners who take advantage of this program have a significant amount of equity in the home once the renovations are complete.  In addition to financing the rehabilitation, DSHA increased the downpayment assistance available to up to $10,000.  This higher amount will help cover the cost of rehab inspections and other associated costs. To qualify for both programs, applicants must be income-eligible and not exceed a maximum loan amount of $417,000. Homebuyers can apply for DSHA mortgage programs through a participating lender.  DSHA offers qualified Delawareans reduced mortgage rates through its Homeownership Loan Program as well as closing cost and downpayment assistance. For more information on all of DSHA’s homeownership programs and a list of participating lenders visit: www.destatehousing.com.

About the Delaware State Housing Authority

The Delaware State Housing Authority (DSHA), formed in 1968, is dedicated to providing quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans. In addition to its role as the State’s Housing Finance Agency, DSHA is unique in that it is also serves as a Public Housing Authority and acts as a Community Development and Planning Agency. As a Public Housing Authority, DSHA receives funding from HUD to build, own, and operate public housing in Kent and Sussex counties, two of Delaware’s three counties. For more information about the Delaware State Housing Authority, please call: (888) 363-8808 or visit our website at: www.destatehousing.com.

Contact:
Christina M. Hardin
Chief of Community Relations, DSHA
Phone: (888) 363-8808
Christina@destatehousing.com


Congressman Carney Announces Legislation to Expand Affordable Housing Options

For Immediate Release:
July 7, 2015

Contact:
Albert Shields
(302) 691-7333 office
(302) 561-5043 cell
Albert.Shields@mail.house.gov

Congressman Carney announces legislation to expand affordable housing options

Housing Assistance Reform Act would increase housing options for low-income Americans, raise capital for affordable housing projects

DOVER, Del. — This morning, Congressman John Carney (D-DE) visited Liberty Court Apartments in Dover to announce new legislation to improve affordable housing options. The Housing Assistance Reform Act would increase housing options for low-income Americans and help housing authorities raise capital for affordable housing projects. The legislation would expand access to the Department of Housing and Urban Development’s Moving to Work program from 39 local housing authorities to 60, and eliminate the current unit cap for the Rental Assistance Demonstration program, allowing any eligible housing authority to participate.

“Everyone deserves a safe, affordable place to call home,” said Congressman Carney. “We don’t have as many affordable options for low-income Americans as we need, and much of what we have has fallen into disrepair. My proposed legislation builds on two successful HUD programs that increase access to quality, affordable housing, while helping low-income Americans get the tools they need to rent or buy a home on their own. The Housing Assistance Reform Act will help more Americans pursue better opportunities and improve their quality of life. I am working closely with my colleagues on both sides of the aisle to get it passed.”

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Congressman Carney announcing his Housing Assistance Reform Act to affordable housing residents and advocates at Liberty Court Apartments in Dover.

The Moving to Work (MTW) program was created by Congress in 1996 to give local housing authorities the flexibility to create successful programs that meet the needs of low-income families while promoting self-sufficiency and increasing available housing options. Currently, 39 housing authorities nationwide are eligible to participate in the program.

The Delaware State Housing Authority was one of the first agencies to participate in HUD’s Moving to Work pilot program in 1999. Since then, DSHA’s Moving to Work program has helped more than 800 Delaware families increase their financial stability and move from subsidized housing to market rate rentals or homeownership. The program has disbursed more than $2.4 million back to MTW residents in savings for successfully completing the program. For more information on DSHA’s Moving to Work program, click here.

“Moving to Work has given DSHA the flexibility to efficiently manage our resources while also allowing us to provide our clients a comprehensive set of services that is not limited to just housing assistance, but also includes financial literacy and case management to help them set and reach their goals,” said DSHA Director Anas Ben Addi.

Rhianna Turner, a single mother and MTW graduate, shared her experience with the program. After losing her job, Rhianna entered DSHA’s Moving to Work program in 2007. “The Delaware State Housing Authority’s assistance allowed me to save money, learn to budget, and improve my credit, all of which helped me move toward my dream of homeownership,” said Turner. “Today, I have been in my home for a year and four months, and I am incredibly thankful for the help I received that allowed me to work towards this goal. There are many stresses in my life as a single mother to three children, but where we live is no longer one of them.”

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(l to r): Rhianna Turner, an MTW graduate, and her DSHA caseworker, Lori Fretz, greet Congressman Carney at today’s press conference.

“I’m here to give my unbridled support to this national legislation,” added Fred Purnell, Executive Director of the Wilmington Housing Authority. “The critical piece for us is the flexibility that Moving to Work would bring to WHA. It would allow us to take resources that we have going in other directions and concentrate them on people.”

The Rental Assistance Demonstration (RAD) program gives local housing authorities a powerful tool to begin tackling the backlog of at least $25 billion in unmet capital needs and deferred maintenance for public housing. Specifically, RAD allows housing authorities to mortgage land and buildings, providing access to much needed private capital to make repairs to the existing housing stock. The mortgaged properties remain subject to the same use restrictions, ensuring that it will remain affordable for low-income families.

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DSHA Honored with Twentieth Consecutive National Accounting Award

June 12, 2015 – (Dover, DE) – The Delaware State Housing Authority (DSHA) has been honored by the Government Finance Officers Association of the United States and Canada for outstanding financial reporting. DSHA’s Comprehensive Annual Financial Report earned a Certificate of Achievement for the twentieth consecutive year.

“We are constantly striving for excellence in the area of governmental and financial reporting, and this recognition shows that we are achieving these goals,” said Governor Jack Markell. “Since this award is the highest honor of its kind, we are confident the Delaware State Housing Authority is communicating financial information clearly, completely and accurately in its reporting.”

According to DSHA Director Anas Ben Addi, “This award represents a significant accomplishment by DSHA and the state government. Receiving this award for twenty straight years demonstrates our staff’s commitment to excellence. They have earned this national recognition for their exceptional work.”
DSHA’s Report was judged by an impartial panel to meet the high standards of the program, including demonstrating the ability to clearly communicate the agency’s financial story and to motivate potential users and user groups to read the document.

Celebrating more than 45 years of service, DSHA is charged with efficiently providing, and assisting others to provide, quality affordable housing opportunities and appropriate supportive services, to low- and moderate-income Delawareans.

About the Delaware State Housing Authority
The Delaware State Housing Authority (DSHA), formed in 1968, is dedicated to providing quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans. In addition to its role as the State’s Housing Finance Agency, DSHA is unique in that it also serves as a Public Housing Authority and acts as a Community Development and Planning Agency. As a Public Housing Authority, DSHA receives funding from HUD to build, own, and operate public housing in Kent and Sussex counties, two of Delaware’s three counties. For more information about the Delaware State Housing Authority, please call: (888) 363-8808 or visit our website at: www.destatehousing.com.

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Delaware Celebrates Homeownership Month

DELAWARE CELEBRATES HOMEOWNERSHIP MONTH

 

June 10, 2015 (DOVER, DE) – Governor Jack Markell today joined Delaware State Housing Authority, Habitat for Humanity, Delaware Americorps, Delaware Association of Realtors, Home Builders Association of Delaware, and Delaware Health and Social Services to proclaim June as Homeownership Month.

“Delaware’s commitment to housing is evidenced by our homeownership rate, which is second highest in the nation at 74.3 percent,” said Governor Markell. “That is only possible when public/private partnerships work together to provide the opportunity, outreach, education, and affordable mortgage financing needed to help Delawareans achieve the American Dream of homeownership.”

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Governor Jack Markell

Earlier in the day, volunteers participated in a Framing Frenzy on Legislative Mall building the frame of the house that will be moved to South Kirkwood Street and become the Woodton family’s home.

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Volunteers at Framing Frenzy

For more information on affordable housing programs, please visit our website at www.destatehousing.com or call (888) 363- 8808. To view more photos, please click here,   https://www.flickr.com/photos/destatehousing/sets/72157653952686690.

 

 

About the Delaware State Housing Authority

The Delaware State Housing Authority (DSHA), formed in 1968, is dedicated to providing quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans. In addition to its role as the State’s Housing Finance Agency, DSHA is unique in that it also serves as a Public Housing Authority and acts as a Community Development and Planning Agency. As a Public Housing Authority, DSHA receives funding from HUD to build, own, and operate public housing in Kent and Sussex counties, two of Delaware’s three counties. For more information about the Delaware State Housing Authority, please call (888) 363-8808 or visit our website at www.destatehousing.com.

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Free! Lunch & Learn About Homeownership Programs and Foreclosure Prevention

Delaware State Housing Authority (DSHA) and the Delaware Council of Faith-Based Partnerships will be hosting a free Lunch & Learn on Tuesday, March 3, 2015 in the Carvel State Office Building, 3rd Floor Conference Room, at 820 N. French Street, Wilmington, Delaware. Join us as Gary Hecker, DSHA Housing Finance Manager, presents information on helping individuals and families facing foreclosure on their home, including the Delaware Emergency Mortgage Assistance program, and a program for senior homeowners in Wilmington who are facing foreclosure for delinquent city property taxes and water/sewer bills. Luncheon and presentation are free, but registration is required. Please RSVP to Flora McConkie at (302) 633-4825 or de.cfbp@gmail.com.

The Delaware Council of Faith-Based Partnerships was created by Governor Jack Markell in 2012. Members of the Council serve as interfaith volunteers, and the Council operates without state funding, partnering with government agencies and nonprofit groups to address community needs.

About the Delaware State Housing Authority
The Delaware State Housing Authority (DSHA), formed in 1968, is dedicated to providing quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans. In addition to its role as the State’s Housing Finance Agency, DSHA is unique in that it also serves as a Public Housing Authority and acts as a Community Development and Planning Agency. As a Public Housing Authority, DSHA receives funding from HUD to build, own, and operate public housing in Kent and Sussex counties, two of Delaware’s three counties. For more information about the Delaware State Housing Authority, please call: (888) 363-8808 or visit our website at: www.destatehousing.com.