The Delaware State Housing Authority (DSHA) received 10 applications for DSHA’s 2015 Low-Income Housing Tax Credit program this year, requesting over $6.1 million in tax credits.
Of those 10 applications, only two are seeking non-competitive 4% Low Income Housing Tax Credits (LIHTC) and eight are seeking competitive 9% Low Income Housing Tax Credits (LIHTC). That’s a slight increase over 2014, but a similar mix 4% and 9% applications.
Half of the applications are for projects in Wilmington, including the Village of St. John project from the Ministry of Caring, the West Side Revitalization project and the second phase of The Flats.
Other applications are scattered throughout the state, with two in Newark (the Marydale Retirement Village and Our Lady of Grace Apartments), one in Dover (Whatcoat Village Apartments), one in Lewes (Jefferson II) and one in Milford (Cascades II).
Both Newark projects would create low-income housing for the elderly, the rest families. Four of the projects call for new construction, two in Wilmington, one in Newark and one in Milford.
Affordable housing continues to be in demand throughout the state. Quaker Village Apartments in Wilmington, seeking 4% Low Income Housing Tax Credits (LIHTC), is currently accepting pre-applications for a waiting list on its website.
Delaware normally funds around three 9% Low Income Housing Tax Credit (LIHTC) deals per year. Expect this year to end up about there based on available resources.