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Down Payment Assistance Doubles in Delaware
Recent increases in home prices in Delaware have made it difficult for new homebuyers to purchase homes. Now these homebuyers are getting financial help with buying a home. In May 2006, Delaware State Housing Authority doubled the down payment assistance for first time homebuyers. Through the Delaware Housing Partnership (DHP) Second Mortgage Program, purchasers can now get up to $15,000 in down payment assistance for new construction. This assistance will make homes more affordable for moderate-income purchasers. The maximum amount that homebuyers may borrow in the Second Mortgage Assistance Loan Program (SMAL) has also been increased to $6,000. Limits on borrower income and purchase prices have been raised to meet the needs of more borrowers attempting to purchase homes. Both DHP and SMAL are used for down payment assistance or closing costs.

To learn more about these programs, contact Community Relations at the Delaware State Housing Authority, (888) 363-8808 or visit its Web site at: www.destatehousing.com.
[Published in News from the Districts, Community Developments, Winter 2006-2007]

Equity Opportunities Grow In Delaware
The Delaware Community Investment Corporation (DCIC) recently closed a $30 million equity fund under the organization's Affordable Housing Equity Program. DCIC finances and invests in housing and related activities designed to address the needs of low- to moderate-income people in Delaware. DCIC was established as a multibank community development corporation in 1994. One of DCIC's goals is to sponsor and administer an equity fund through which Delaware banks may invest equity in projects throughout the state that qualify for tax credits. With the addition of this new round of funding, the total equity made available by DCIC for affordable housing projects has grown to over $150 million. These funds have assisted in the production of 2,400 units of affordable housing. In December 2004, DCIC announced eleven investors committed $10 million to its New Market Tax Credit Fund (NMTC). DCIC was the first community development entity in Delaware to receive an allocation of tax credits under the NMTC program. It is now taking applications for qualifying projects that will involve the development or rehabilitation of real estate considered to be public investments.

For further information, contact Doris Schnider, president of DCIC, at www.dcicnet.org or (302) 655-1420.
[Published in News from the Districts, Community Developments, Summer 2005]

Delawareans Save!
Interfaith Housing Delaware, a NeighborWorks® organization, is offering Individual Development Accounts (IDAs) -- called "Delawareans Save!" -- to help lower-income residents build assets. The dollar-for-dollar matched savings account (with the matching funds supplied by the state) can be used to help make a down payment for a home, start a small business, or cover education costs. Participants attend financial literacy classes and receive housing counseling and other services, offered in both English and Spanish. Graduates open their IDA savings account with a participating bank.

For more information, contact Interfaith Housing Delaware at (302) 995-7408, or www.interfaithhousingde.com.
[Published in News from the Districts, Community Developments, Spring 2003]

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