Bill > SB150

This bill establishes the Affordable Rental Housing Program (ARHP) within Delaware's Housing Development Fund, designed to create and support affordable rental housing for very low-, low-, and moderate-income families, elderly individuals, and people with disabilities. The program allows the Delaware State Housing Authority (DSHA) to provide long-term loans for purchasing land, constructing or renovating buildings, and developing necessary infrastructure. Loans will have a low-interest rate (subsidized to 1%) and can be amortized over up to 50 years, with a loan term not exceeding 30 years. Rental units must follow specific affordability guidelines, with tenants paying either the basic rent or 30% of their adjusted income, whichever is less. Housing projects must have at least two units per building and meet building codes, energy efficiency standards, and HUD physical standards. The bill requires DSHA to develop detailed policies and procedures for loan origination, eligibility criteria, and annual publication of area median income levels. Additionally, the program allows for tenant-based rental subsidies and may prioritize applicants living in substandard housing, ultimately aiming to increase the availability of affordable housing across Delaware.

Housing and Urban Affairs

https://legis.delaware.gov/BillDetail?LegislationId=142325