Delaware State Housing Authority FY 15 Joint Finance

Delaware State Housing Authority FY ’ 15 Joint Finance Committee Public Hearing February 11, 2014 Delaware State Housing Authority 18 The Green Dover, DE 19901 (302) 739 -4263 ■ (888) 363 -8808 Visit us at www. destatehousing. com

DSHA Presentation Summary – • Core Businesses • Accomplishments and Highlights • Delaware Housing Market Overview • State Budget Production Reports • FY 15 Budget Request

DSHA Mission Our mission is to efficiently provide, and to assist others to provide quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans

DSHA Core Businesses Homeownership • Homebuyer Mortgages • Second Mortgage Assistance • Foreclosure Mitigation • Home Rehabilitation Rental • Rental Housing Development • Multi-Family Site Preservation • Rental Subsidies • Asset Management

DSHA Accomplishments and Highlights • First-time homebuyer tax credit • Mortgage Financing Partnerships • Bond Restructuring ($2. 5 M savings) • $5 million in new rental subsidies

Delaware Housing Market Overview

Housing Market Review: Building Permits Delaware Building Permits, 2003 – 2013 10 000 8 582 8 529 7 786 6 678 6 000 4 943 4 000 3 901 3 346 3 121 2 955 3 150 2009 2010 2011 4, 693 2 000 0 2003 2004 2005 2006 2007 2008 2012 2013 Source: U. S. Census Bureau, Cen. Stats Database

Housing Market Review: Home Sales Delaware Home Sales, 2005 – 2013 18 000 16 000 15 751 14 000 13 647 12 000 12 011 10 795 10 000 9 625 8 000 8 533 8 314 8 247 8 111 2008 2009 2010 2011 6 000 4 000 2 000 0 2005 2006 2007 2012 2013 Source: County Board/Associations of REALTORS©

Housing Market Review: Home Prices Median Home Prices, 2000 – 2013 Kent Median Home Price ($000 s) 350 New Castle Sussex 300 250 200 150 100 50 0 2002 2004 2006 2008 2010 2012 Source: County Board/Associations of REALTORS©

Housing Market Review: Mortgage Delinquencies Loans Past Due (30+ days) or In Foreclosure (% of all loans) US 16 DE 14 DE 10. 82 12 10 US 9. 75 8 6 4 2 0 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 2008 2009 2010 2011 2012 2013 Source: Mortgage Bankers Association, National Delinquency Survey

Housing Market Review: Foreclosure Filings Delaware Foreclosure Filings, 2003 -2013 7000 6 157 6 457 5000 5 112 4 488 4000 3 853 3000 2 592 2 204 2 121 2 175 2 288 1 276 1000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Housing Market Review: Sheriff Sales Source: Lexis Nexis Database, compiled by Counties, AG, and DSHA

FY 15 General Fund Request DSHA Budget HDF Base Budget $4, 070, 000 State Rental Assistance Program $3, 000 Total DSHA Budget $7, 070, 000

State Rental Assistance Program Production Report $3, 000 FY 14 Budget $1, 900, 000 FY 14 DSAMH Budget

SRAP Status Report (as of 1/31/2014) SRAP Vouchers Issued/Leased by Agency DHSS-DSAAPD 37 8% DHSS-DMMA 54 12% DHSS-DDDS 34 7% DHSS-DSAMH 256 55% DSCYF-Youth 47 10% DSCYF-Families 35 8% TOTAL 463 100%

SRAP Production Report SRAP Production and Pipeline (as of 1/31/2014): Applications Pending Vouchers Issued Units Leased Total Applications Pending (#) Funds Reserved ($) Vouchers Issued (#) Funds Reserved ($) Units Leased (#) Funds Encumbered ($) Application, Vouchers and Units (#) Total Funds Reserved and Encumbered ($) 24 $204, 000 99 $841, 500 364 $2, 865, 228 487 $3, 910, 728

Program Recognition ü 2011 Governor’s Team Excellence Awards Finalist ü 2012 National Association of Housing and Redevelopment Officials (NAHRO) National Award of Merit ü 2013 National Council of State Housing Finance Agencies (NCSHA) National Annual Award for Program Excellence

State Rental Assistance Program SRAP DOE Pilot Program ü MOU with DOE and DSCYF to create 100 vouchers ü Vouchers will cover one 12 -month period ü School homeless coordinators to make eligibility determination, referral, and provide services ü According to DOE, there are 3, 000 homeless families with at least one child in school ü High cost to transport homeless students ü Students with stable housing perform better in school

SRAP FY 15 Request $3, 000 ü DSHA request for $3 million in FY 15 to maintain vouchers issued in FY 13 and FY 14 ü SRAP program expansion to meet needs of DHSS/DOJ Settlement ü $1. 9 million allocated to the SRAP program by DHSS/DSAMH to maintain issued vouchers ü Funding for additional vouchers to comply with the Settlement if made available

FY 15 General Fund Request DSHA Budget HDF Base Budget $4, 070, 000 State Rental Assistance Program $3, 000 Total DSHA Budget $7, 070, 000

Housing Development Fund FY 13 Production Report $4, 070, 000 Base Budget $6, 000 ARHP (Bond Bill)

Housing Development Fund FY 13 Unit Production Rental Housing New Construction/Rehabilitation 245 Units Rental / Security Deposit 914 Units Homeownership New Construction/Rehabilitation Pre-Purchase Counseling 38 Units 570 Units

Housing Development Fund FY 13 Funding Leverage HDF FY 13 Funding Summary: HDF Dollars Allocated $8. 4 million Low Income Housing Tax Credits $18. 9 million Private Loans $12. 2 million Other (Federal, Donations, Contributions) $22. 9 million Total üHDF Leveraged Amount (6. 43 : 1 ratio) üEconomic Activity Created (7: 1 ratio) üJobs Created or retained $62. 4 million $ 58. 8 million 294

Housing Development Fund FY 15 Budget Request $4, 070, 000 Base Budget

Housing Development Fund Base Budget Request $4, 070, 000 1. Affordable Rental Housing ü Rehabilitation of existing units ü Creation of new units 2. Affordable Homeownership ü New units ü Owner-occupied rehabilitation ü Housing counseling

Stoneybrook Apartments Before Renovation During Construction

Cascades Foreclosed Development During Construction Completed Construction

Heron Run Before Renovation During Construction

Heron Run Completed

Heron Run Solar Panel Installation

Buford Manlove Manor Before After Renovation

William Coombs Video Testimonial

FY 15 General Fund Request DSHA Budget HDF Base Budget $4, 070, 000 State Rental Assistance Program $3, 000 Total DSHA Budget $7, 070, 000

Contact Information Anas Ben Addi, Director Delaware State Housing Authority 18 The Green Dover, Delaware 19901 Telephone: 739 -4263 Fax: 739 -6122 Toll Free: 888 -363 -8808 E-mail: Anas@destatehousing. com Thank you!