DELAWARE - The Delaware State Housing Authority has officially opened applications for its Downtown Development Districts Rebate Program, an initiative aimed at revitalizing urban centers across the state. The program, which is now accepting submissions, seeks to catalyze private investment, boost employment, and enhance the commercial vibrancy of city centers.
Currently, 12 Delaware cities, including New Castle, Clayton, Delaware City, Dover, Georgetown, Harrington, Laurel, Middletown, Milford, Seaford, Smyrna, and Wilmington, are designated as part of the initiative. These districts are targeted for economic development and community revitalization.
DSHA has earmarked approximately $5.5 million for rebates, with $3.5 million allocated for large-scale projects and $2 million for smaller ventures. To qualify for a large project rebate, investors must commit to a Qualified Real Property Investment exceeding $350,000. The deadline for large project applications is set for Feb. 27, 2024, by 4 p.m.
Smaller projects, involving investments between $25,000 and $350,000, are eligible for rolling applications, subject to available funding.
In a notable update, the DSHA has raised the rebate cap per building or facility within a five-year period from $1.5 million to $2 million. Investors aiming for the maximum rebate need to make a QRPI of at least $27.5 million.
Prospective applicants can find detailed guidelines and application materials for the Fall 2023 DDD Rebate Program on the DSHA website at destatehousing.com. The program also coordinates with other incentives, including historic tax credits and various local and state benefits. More information on these incentives can be accessed at hstateplanning.delaware.gov/ddd.
For additional details regarding the DDD Rebate Program and the application process, DSHA encourages interested parties to contact Tunisha Scott at 302-739-4263 or via email at Tunisha.Scott@delaware.gov.