Delaware Senate Passes legislation to Encourage More Investment in Affordable Housing
A record number of Delawareans are experiencing homelessness, and so the Delaware Senate passed legislation today that encourages more public and private investment in the construction of new affordable housing units throughout the First State. Senate Substitute 1 for Senate Bill 87 would fully exempt affordable housing projects funded by nonprofits and government entities from the state’s portion of the realty transfer tax. Delaware is currently facing a shortage of more than 20,000 affordable rental homes available to extremely low-income renters, according to the latest data available from the National Low Income Housing Coalition. By effectively lowering the cost for both buyers and sellers, the bill would help to spur growth among the housing stock most within reach for low- and medium-income families.