Dover, Del. October 26, 2023 – A program designed to encourage new rental housing construction in Delaware received national recognition via the 2023 Annual Awards for Program Excellence at the NCSHA’s 2023 Annual Conference & Showplace, held October 14 -17 in Boston.  

The award recognized DSHA’s Area of Opportunity Land Bank Program, which created a $5 million revolving fund to support housing developers in building more affordable rental housing in Delaware. 

“This Award for Program Excellence from NCSHA demonstrates how DSHA was able to provide a creative solution to the need for affordable rental units in our state,” said DSHA Director Eugene Young, Jr. “The Area of Opportunity Land Bank Program is an innovative and accommodating program that aligns with DSHA’s mission to efficiently provide and assist others in providing quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans.”

DSHA was one of over 30 housing finance agencies nationwide to submit entries in the 2023 awards program. NCSHA judges evaluate each entry for its level of innovation, replicability, response to a critical state housing need, and effective use of resources, among other criteria. The juror panels include former housing finance agency executive directors and staff, as well as other senior leaders in the affordable housing community.

The Area of Opportunity Land Bank Program, launched during the COVID-19 pandemic, aims to give affordable housing developers more time to complete the Low-Income Housing Tax Credit (LIHTC) process when developing in areas of opportunity. This added time increases the likelihood of their success in developing much-needed affordable housing in the areas.   

While the program is new, DSHA has already seen significant interest. In 2022, one LIHTC developer turned in a robust application that just missed an allocation of LIHTC credits. The developer used The Area of Opportunity Land Bank Program to secure site control while continuing to work through the predevelopment process. They successfully applied for an LIHTC allocation in 2023 and are now working on a development strategy for a second phase, which could result in more than 80 new affordable rental housing units in Lewes, Delaware, rather than a market-rate rental development.  

For more information on the Area of Opportunity Land Bank Program, please visit: https://www.www.destatehousing.com/Developers/Developers.php.

To read the full Program of Excellence award entry, please visit: https://www.ncsha.org/awards-category/rental-housing/encouraging-new-construction-rental-housing/.  

About Delaware State Housing Authority

The Delaware State Housing Authority (DSHA), formed in 1968, provides quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans. In addition to its role as the State’s Housing Finance Agency, DSHA is unique because it serves as a Public Housing Authority in Kent and Sussex County and a Community Development and Planning Agency. For more information about the Delaware State Housing Authority, please call: (302) 739-4963 or visit our website at: 

https://www.www.destatehousing.com.

About National Council of State Housing Agencies

The National Council of State Housing Agencies is a nonprofit, nonpartisan organization created to advance, through advocacy and education, the efforts of the nation’s state HFAs and their partners to provide affordable housing to those who need it. NCSHA’s vision: An affordably housed nation. Learn more at www.ncsha.org.