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Downtown Development District - Fall 2020 Funding Round is Open!

Date: October 7, 2020

 

 

The Delaware State Housing Authority (DSHA) is pleased to announce that the Downtown Development Districts (DDD) Rebate Program is now open and accepting applications! The DDD Rebate program is designed to spur private capital investment, stimulate job growth, improve the commercial vitality of our cities, and help build stable communities of long-term residents in our downtowns. Currently, there are twelve (12) designated Districts: City of New Castle, Clayton, Delaware City, Dover, Georgetown, Harrington, Laurel, Middletown, Milford, Seaford, Smyrna and Wilmington.

Approximately $12 million in rebate funding is currently available to qualified investors, $10 million for Large Projects and $2 million for Small Projects. To be considered for a  Large Project Reservation, investors making a Qualified Real Property Investment (QRPI) greater than $350,000 must apply to DSHA  no later than January 8, 2021 by 4:00 p.m.  Small Project investors making a QRPI between $25,000 and $350,000 may apply after project completion to DSHA on a rolling basis, as long as funding is available.

Please visit DSHA’s website at http://www.destatehousing.com/ddd to download the new Fall 2020 DDD Rebate Program Guidelines and revised application materials. Additionally, historic tax credits and other local and state incentives are available to investors!

To learn more about other DDD incentives, please visit https://stateplanning.delaware.gov/ddd/incentives/index.shtml.

If you have any questions regarding DSHA’s DDD Rebate Program and application process, please contact Penny Pierson by phone at (302) 739-0246 or by email at Penny@destatehousing.com.