Affordable Housing and Tax Credit Developments in DelawareDelaware Governor Proposes Investing $10 Million of the State Budget Surplus in the Housing Preservation Fund

Delaware Governor Jack Markell announced part one of the “Building Delaware’s Future Now” plan which proposes to invest Delaware’s  surplus revenue to create jobs and economic growth. The Governor’s plan proposes  investing $135 million of the budget surplus as a “proactive investment tool to be used by the Governor and the General Assembly to make strategic investments that promote economic growth and job creation in Delaware. Revenues designated to this fund will come primarily from abandoned property. Investments from the fund will focus on maximizing job creation and job retention for Delawareans. These investments will help attract new businesses to locate in Delaware and facilitate an ongoing strategy for long-term economic growth.”

$10 million is proposed for the Delaware State Housing Authority’s (DSHA)  Housing Preservation Fund to preserve existing Federal subsidies for low and moderate income Delawareans.

“We can put people to work now in ways that will improve our quality of life, help attract new businesses and preserve some of our state’s great assets for years,” Markell said.

The plan also includes the following:

-$40 million for the New Jobs Infrastructure Fund supplemented with $20.0m of bonding authority set aside for the fund to attract businesses to relocate or expand to Delaware;

-$40 million for the Transportation Trust Fund Supplement  for improving Delaware’s transportation infrastructure;

-$10 million for Open Space Preservation; and

-$35 million for Delaware Asset Preservation Fund to maintain and restore state buildings and properties, historic properties and parks.

Click here for the press release.

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