Dover, Del., July 25, 2024 – The Delaware State Housing Authority (DSHA) and Discover Bank announced a significant milestone in their long-standing partnership to expand homeownership opportunities for low-to-moderate-income residents across the state. Over the past decade, the collaborative lending program has provided more than $500 million in mortgage financing to 2,780 first-time homebuyers with household incomes at or below 80%of the area median income.

Complementing the over $500 million in mortgages originated, the program generated more than $5 million in additional subsidies. These subsidies enabled DSHA to offer mortgages with consistently below-market interest rates, furthering affordable homeownership prospects for Delaware families.

Surpassing half a billion in financing takes work. I’m grateful for Discover Bank and the DSHA team’s commitment to serving Delawareans. This milestone is a testament to how public-private partnerships can positively impact the surrounding community, and I look forward to making the next ten years just as successful.

Cynthia Karnai, Director of DSHA

We strongly believe that one of the most influential ways for a bank to serve its community is to help make homeownership accessible and achievable for all.

Homeownership has long been considered the primary means to build wealth for low and moderate-income families, and our collaboration with DSHA allows us to provide funding in a meaningful way by leveraging the agency’s mortgage and down payment packages, resulting in the dream of homeownership becoming a reality for many Delawareans.

Matthew Parks, Vice President at Discover Bank

Throughout the month of June, DSHA joined Governor John Carney, elected officials, and key partners in each county throughout Delaware to celebrate Home Ownership Month.  DSHA announced the launch of its newest mortgage product to expand opportunities for home ownership and investing in our communities.

We are extremely proud to launch the Diamond in the Rough program, which embodies our mission to make homeownership more attainable for Delaware residents.

Cynthia Karnai, Director of DSHA

The Diamond in the Rough combines a FHA mortgage to purchase and repair a home in one mortgage.  DSHA buyers can purchase and update a home  with up to $35,000 in renovation costs.  Also, DSHA will support the purchase with 5% in down payment and closing costs assistance.

We provide a comprehensive product that helps homebuyers turn houses that need a little love into their dream homes.

Cynthia Karnai, Director of DSHA

Owning a home is a powerful way to build wealth. These programs empower many in our community to achieve this goal. Data supports this: a Federal Reserve study shows homeowners’ median net worth soared from $295,500 in 2019 to $396,200 in 2022, while renters’ median net worth only rose slightly, from $7,300 to $10,400.

Wes Stefanick, CEO of the Delaware Association of REALTORS

Financial institutions interested in positively impacting communities throughout Delaware through mortgage financing partnerships with DSHA are invited to call (302) 739-4263. To learn more about DSHA’s innovative homeownership programs and the exciting National Homeownership Month activities, please visit www.KissYourLandLordGoodbye.com or call (302) 739-4263.