On October 16, Governor Matt Meyer, Delaware State Housing Association (DSHA) Director Matthew Heckles, Mayor Todd Culotta and other dignitaries were on hand to break ground on Mispillion Station II, an affordable housing project that will renovate 32 apartments and build 16 new units. The new development is planned where Mispillion Apartments stands now.
“Every unit of safe, affordable housing has the potential to change lives,” Meyer said. “These credits do not just build housing, they leverage public and private investment, create jobs, support local economies and ensure long-term affordability for working families.”
This is a joint venture between Severn Companies LLC and Searfoss Development LLC using low-income housing tax credit allocations of almost $547,000 and more than $5 million in supplemental funding. In addition, funding has been allocated to the developers for 40 housing units as part of Mispillion Station III.
“Mispillion Apartments has been in business since 1979, providing safe, decent, affordable housing,” Arthur W. Edwards, Jr., President of Severn Development, said. “We are honored to receive the support from DSHA, the US Department of Housing and Urban Development and Rural Development to reinvest and grow the number of families that we can support with this project. My father, Arthur Edwards Sr., who originally built Mispillion Apartments, would be proud to see the changes that are going to be brought about by this substantial investment.”
According to Grant Searfoss, President of Searfoss Development, this project will preserve existing units while also creating additional affordable housing for Milford. Developers who qualify for the program can claim tax credits for 10 years, allowing them to balance the construction or rehabilitation costs incurred. All buildings financed with LIHTC must remain affordable and in compliance with other program policies for a minimum of 30 years.
Meyer made access to affordable housing part of his campaign for governor and has taken steps since taking office to make it easier for developers to build housing that is affordable. Meyer is focused on affordable housing which is housing with costs that are less than 30 percent of a household income. This is different than low-income housing which requires a certain income threshold in order to qualify. Usually, that is for those who earn 80 percent less than the median income. Lower income housing also has strict requirements on who may live in the home and frequent income confirmations.
