Delaware State Housing Authority

FY ’15 Joint Finance Committee Public Hearing

February 11, 2014Delaware State Housing Authority

18 The GreenDover, DE 19901

(302) 739-4263 ■ (888) 363-8808

Visit us at www.destatehousing.com

DSHA Presentation

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

Source: U.S. Census Bureau, CenStats Database

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

2,000

4,000

6,000

8,000

10,000

7,786

8,582 8,529

6,678

4,943

3,346 3,121 2,955 3,150

3,9014,693

Delaware Building Permits, 2003 – 2013

2005 2006 2007 2008 2009 2010 2011 2012 20130

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

15,751

13,647

12,011

8,533 8,314 8,247 8,111

9,62510,795

Delaware Home Sales, 2005 – 2013

Housing Market Review: Home Sales

Source: County Board/Associations of REALTORS©

Housing Market Review: Home Prices

Source: County Board/Associations of REALTORS©

2000 2002 2004 2006 2008 2010 20120

50

100

150

200

250

300

350

Median Home Prices, 2000 – 2013Kent New Castle Sussex

Med

ian

Hom

e Pr

ice

($00

0s)

Housing Market Review: Mortgage

Delinquencies

Source: Mortgage Bankers Association, National Delinquency Survey

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32008 2009 2010 2011 2012 2013

02468

10121416

US9.75

DE10.82

Loans Past Due (30+ days) or In Foreclosure (% of all loans)

US DE

Housing Market Review: Foreclosure Filings

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

1000

2000

3000

4000

5000

6000

7000

2,204 2,121 2,175 2,288

3,853

4,488

6,1576,457

5,112

1,276

2,592

Delaware Foreclosure Filings, 2003-2013

Housing Market Review: Sheriff Sales

Source: Lexis Nexis Database, compiled by Counties, AG, and DSHA

FY15 General Fund Request

DSHA Budget

HDF Base Budget $4,070,000

State Rental Assistance Program $3,000,000

Total DSHA Budget $7,070,000

State Rental Assistance Program

Production Report$3,000,000 FY14 Budget$1,900,000 FY14 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

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

SRAP Production and Pipeline (as of 1/31/2014):

Program Recognition

2011 Governor’s Team Excellence Awards Finalist

2012 National Association of Housing and Redevelopment Officials (NAHRO) National Award of Merit

2013 National Council of State Housing Finance Agencies (NCSHA) National Annual Award for Program Excellence

State Rental Assistance ProgramSRAP DOE Pilot Program

MOU with DOE and DSCYF to create 100 vouchers

Vouchers will cover one 12-month period

School homeless coordinators to make eligibility determination, referral, and provide services

According to DOE, there are 3,000 homeless families with at least one child in school

High cost to transport homeless students

Students with stable housing perform better in school

SRAPFY 15 Request

$3,000,000

DSHA request for $3 million in FY15 to maintain vouchers issued in FY13 and FY14

SRAP program expansion to meet needs of DHSS/DOJ Settlement $1.9 million allocated to the SRAP program by

DHSS/DSAMH to maintain issued vouchers Funding for additional vouchers to comply

with the Settlement if made available

FY15 General Fund Request

DSHA Budget

HDF Base Budget $4,070,000

State Rental Assistance Program $3,000,000

Total DSHA Budget $7,070,000

Housing Development Fund

FY13 Production Report$4,070,000 Base Budget

$6,000,000 ARHP (Bond Bill)

Housing Development FundFY13 Unit Production

Rental Housing

Homeownership

New Construction/Rehabilitation 245 Units

Rental / Security Deposit 914 Units

New Construction/Rehabilitation 38 Units

Pre-Purchase Counseling 570 Units

Housing Development FundFY13 Funding Leverage

HDF FY13 Funding Summary:

HDF Leveraged Amount $ 54 million

(6.43 : 1 ratio)

Economic Activity Created $ 58.8 million

(7:1 ratio)

Jobs Created or retained 294

HDF Dollars Allocated $8.4 millionLow Income Housing Tax Credits $18.9 millionPrivate Loans $12.2 millionOther (Federal, Donations, Contributions) $22.9 millionTotal $62.4 million

Housing Development Fund

FY15 Budget Request$4,070,000 Base Budget

Housing Development FundBase Budget Request $4,070,000

1. Affordable Rental Housing Rehabilitation of existing units Creation of new units

2. Affordable Homeownership New units Owner-occupied rehabilitation Housing counseling

Stoneybrook Apartments

Before Renovation

During Construction

CascadesForeclosed Development

During Construction

Completed Construction

Heron Run

Before Renovation

During Construction

Heron Run Completed

Heron RunSolar Panel Installation

Buford Manlove ManorBefore

After Renovation

William Coombs Video Testimonial

FY15 General Fund Request

DSHA Budget

HDF Base Budget $4,070,000

State Rental Assistance Program $3,000,000

Total DSHA Budget $7,070,000

Contact Information

Anas Ben Addi, DirectorDelaware State Housing Authority

18 The Green Dover, Delaware 19901

Telephone: 739-4263 Fax: 739-6122Toll Free: 888-363-8808

E-mail: Anas@destatehousing.com

Thank you!