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DSHA received $48.25 million in State and Local Fiscal Recovery Funds (SLFRF) authorized by the American Rescue Plan Act (ARPA) from the State of Delaware. These dollars will be used to fund five programs related to economic development and affordable housing programs.
DSHA’s Housing Development Section
Housing Development Main Number
Toll-Free (888) 363-8808
Available ARPA Programs
Catalyst Fund
The Catalyst Fund is a program funded by an allocation of State and Local Fiscal Recovery Funds (SLFRF) from the State of Delaware to the Delaware State Housing Authority. The Fund is designed to support efforts to address vacant property in communities disproportionately impacted by the COVID-19 pandemic. The Catalyst Fund will promote neighborhood revitalization and an equitable recovery by providing developers with gap funding to renovate vacant homes and/or build new homes on vacant land, for sale to homeowners.
Are you a smaller, emerging developer looking for a source of construction financing? Check out Cinnaire Lending Corporation’s Catalyst Fund loan program. If you have questions, please email Cinnaire at: [email protected].
Are you an established non-profit developer that has construction funding and is interested in potential sales gap subsidy? Check out the Self-Funded Catalyst Fund track below. If you have questions, please send an email to: [email protected].
Related Documents
- View Program Guidelines Here
- Notice of Intent to Apply (NOIA)
- Catalyst Fund Self-Funded Application
- Catalyst Fund Certification of Application Submission
- Sales Gap Subsidy Calculation Worksheet
- Property Condition Form
- Eligible Project Area
- Recording of the information session
- Information Session PPT presentation
Application Instructions
Once you’ve completed forms listed above and gathered all the supporting documentation, please send an email to [email protected] with the following information:
- Your Name
- Your Organization
- Your email address
- Whether you will be the primary contact for your organization
Once your email is received, you should receive portal registration information by email in about two (2) business days. If you have questions on the Sales Gap Subsidy being provided by DSHA, please email [email protected].
Mixed Income Market Fund (MIMF)
The Delaware State Housing Authority (DSHA) has set aside $10 million in State and Local Fiscal Recovery Funds (SLFRF) to create the Mixed Income Market Fund (formerly known as the Market Rate Accelerator Fund). The MIMF is designed to accelerate the production of affordable rental units to households with incomes at or below 65% AMI by providing favorable financing terms to create affordable units in planned market rate rental developments.
There are two different financing tracks:
- Construction
- May be allocated to developers during construction, if need is demonstrated, to commence the housing project.
- Will roll to permanent financing and remain as part of the capital stack for the stated affordability period.
- Permanent Financing
- Will be allocated to developments which have begun construction and will be incorporating affordable units as part of the MIMF program.
Mixed Income Market Funding Timeline:
- May 1, 2024: Round 2 Opens
- June 1, 2024: Notice of Intent to Apply (NOIA) Due
- August 1, 2024: Full Applications Due
- August 30, 2024: DSHA Review and Approval
NOTE: Applicants must submit a NOIA no later than June 1, 2024 to be eligible to submit a full application for MIMF funding.
Accelerator and Preservation Fund
These funds are being made available from State and Local Fiscal Recovery Funds (SLFRF) received by DSHA from the State of Delaware through the American Rescue Plan Act (ARPA). Borrowers will be responsible for ensuring that all reporting and compliance requirements of the SLFRF are met during the life of the loan. In addition to the Housing Development Fund permanent financing specified in the 2023-2024 Qualified Allocation Plan (QAP) supplement and the HOME funds available to the highest scoring 4% application, DSHA will make up to $35,000/unit available in SLFRF ARPA funds to qualified applications for these Funds. There will be no per project limit to this financing. All units receiving SLFRF ARPA funds must meet tenant income eligibility requirements under the LIHTC program.
Multifamily Revenue Bond Accelerator Fund
- Up to $15 million in additional gap financing available
- For 4% LIHTC applications in the New Housing Creation Pool submitted on the April 28, 2023 deadline
- Multifamily Revenue Bond Accelerator Fund Guidelines
Multifamily Preservation Fund
- Up to $15 million in additional gap financing available
- For both 9% and 4% LIHTC applications in the Preservation Pool submitted on the April 28, 2023 deadline
- Multifamily Preservation Fund Guidelines
Market Pressure Relief Fund
The Delaware State Housing Authority (DSHA) recognizes that the COVID-19 Pandemic has created unprecedented increases in construction material costs. To assist cost overruns caused by current market conditions, DSHA has made available $9MM in State and Local Fiscal Recovery Funds (SLFRF) to create the Market Pressure Relief Fund (MPRF) program. This program will provide additional funding for Low Income Housing Tax Credit (LIHTC) and DSHA-funded multifamily projects currently under construction with documented construction material price increases.
