Delaware programs benefitting potential homebuyers honored
Two of Delaware’s programs benefitting potential homebuyers received national recognition Oct. 15 when they were honored with a 2018 Annual Award for Program Excellence during the National Council of State Housing Agencies annual conference.
The awards recognized the success of Delaware State Housing Authority’s partnership with $tand By Me, which offers pre-purchase financial coaching for potential homebuyers, and the agency’s Strong Neighborhoods Housing Fund, a community development program designed to assist potential homebuyers living in blighted communities throughout the state.
“We are honored to receive these awards on behalf of our partners and the many Delawareans who have benefitted from these programs, and we are proud to be recognized for the innovative work we are doing,” said DSHA Director Anas Ben Addi. “Both the financial coaching program and the Strong Neighborhoods Housing Fund are helping individuals and families throughout the state realize their dreams of becoming homeowners.”
DSHA was one of 40 housing finance agencies across the country to submit entries. NCSHA judges evaluate each entry for its level of innovation, replicability, measurable benefit to housing agency customers, effective use of resources and achievement of strategic objectives, among other criteria. The judges are affordable housing industry leaders and subject matter experts selected for their relevant expertise, experience and impartiality.
“These award-winning initiatives reflect the creativity and commitment that state housing finance agencies across the country are bringing to solve their states' and the nation's affordable housing challenges,” said Stockton Williams, NCSHA executive director. “They demonstrate that progress is possible through pragmatic approaches focused on results.”
Potential homebuyers who participate in DSHA’s Pre-Purchase Financial Coaching program with $tand By Me are offered support to address topics like improving their credit, reducing debt and building savings to better prepare them for purchasing a home. Since its creation in early 2016, the financial coaching program has served more than 1,100 clients, and more than 30 percent of those clients have either purchased a home, are under contract for a home or have been pre-approved thanks to their DSHA financial coaching. Before this program was created, clients would often be charged a significant amount of money for similar financial coaching programs, and many would get discouraged and give up before purchasing a home.
“We are very excited about this recognition for DSHA, because it validates a great partnership that enables $tand By Me to support aspiring homeowners as they work diligently for months or even years toward their dream of home ownership,” said Mary Dupont, $tand By Me director of financial empowerment. “Through this work, we have learned firsthand that becoming a homeowner is a powerful motivating force that makes the impossible possible, especially when paired with financial coaching.”
DSHA’s Strong Neighborhoods Housing Fund puts money directly into neighborhoods experiencing high crime, low homeownership rates, and large numbers of vacant, abandoned or foreclosed properties. Through the program, properties are removed, renovated or replaced and sold to low-income residents who then become homeowners and stakeholders in their communities. This locally driven, block-by-block approach to community development and new home production is taking place in communities throughout Delaware including Milford, Laurel, Dover, Wilmington and New Castle County.
The Strong Neighborhoods Housing Fund was initially funded using one-time bank settlement dollars and is now funded with a $3 million allocation in the FY 2019 state bond bill. This funding has provided resources to remove, renovate or replace at least 200 blighted properties throughout the state.
