September’s State of Delaware Council on Housing Meeting approved several requests from the State of Delaware’s Housing Development Fund presented by the Delaware State Housing Authority’s Jerry Jones, including those from:
1. NCALL for its Rural Delaware Homeownership Initiative,
2. the Homeless Planning Council of Delaware’s administration and operating grant,
3. Delaware Valley Development Company’s West Center Village in Wilmington, Delaware,
4. Delaware Valley Development Company’s Monroe Terrace in Wilmington, Delaware, and
5. Interfaith Community Housing of Delaware’s Arbor Place III in conjunction with Delaware Valley Development Company.
I have linked all of the finance summaries, Council on Housing Resolutions and Housing Development Fund (HDF) synopses for the above at the bottom of this post. I have also included a 2009 Low Income Housing Tax Credit Development Finance Summary, which provides in summary format how the 2009 Delaware tax credit deals are planned to be structured. Importantly, it is clear that the Delaware State Housing Authority and the developers are attempting to use all of the finance tools available to keep these transactions moving forward, including IRS Tax Credits sold to investors, Low Income Housing Tax Credit Exchange Funds, TCAP federal gap financing funds, Housing Development Fund loan funds, The City of Wilmington HOME Program funds and private bank financing.
At the meeting, the Council on Housing continued discussion on how best to delegate Housing Development Fund (HDF) financing application reviews to its Loan Review Committee, while also providing a certain minimum amount of information at the full meeting of the Council on Housing for approval by the full Council. It seems it is an evolving process. There was discussion at the meeting about the Loan Review Committee’s input into the Council on Housing Resolution with added conditions to financing – in addition to those proposed by the Delaware State Housing Authority staff. During the comment time period, the recipients expressed an appreciation for the Council’s added input.