The Delaware State Housing Authority (DSHA) recently announced that the Spring 2019 Downtown Development Districts (DDD) Rebate Program is now open and accepting applications. The DDD program is designed to spur private investment in commercial business districts, stimulate job growth, improve the commercial vitality of our cities and help build stable communities in our downtowns.
Rebates of up to 20 percent are available to qualified investors with qualified real property investments associated with commercial, industrial, residential or mixed-use buildings/facilities located within a designated downtown District. Currently, there are eight designated Districts: Dover, Georgetown, Harrington, Laurel, Milford, Seaford, Smyrna and Wilmington.
Approximately $7 million in rebate funding is available for DDD Large Project Investors and another $2 million for DDD Small Project Investors. To be considered for a Large Project Reservation, Investors making a qualified real property investment greater than $250,000 must apply to DSHA by no later than May 20, 2019 by 4:00 pm. Investors making a qualified real property investment between $25,000 and $250,000 may apply on a rolling basis, as long as funding is available.
Additionally, DSHA has received a Strategic Opportunity Funds for Adaptation (SOFA) grant to pay for third-party costs associated with achieving the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) Silver certification. The grant is capped at $30,000 per building or facility. DDD Large Project investors may apply for the SOFA grant at time of Rebate Reservation application.
Historic tax credits and other local and state incentives are also available to Investors. To learn more about other DDD incentives, individuals can visit https://stateplanning.delaware.gov/about/ddd.shtml. Questions regarding DSHA’s DDD Rebate Program and application process, are asked to contact Penny Pierson by phone at (302)739-0246 or by email at Penny@destatehousing.com<mailto:Penny@destatehousing.com>.
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