Gov. John Carney and Delaware State Housing Authority (DSHA) Director Anas Ben Addi announced the launch of a new homeownership program for recent college graduates at an event recognizing Homeownership Month.
The new program, Homes for Grads, will offer discounted rates on DSHA’s down payment assistance loans for homebuyers who have graduated college with a four-year degree or higher in the last three years.
Homes for Grads will provide a reduced mortgage rate of 50 basis points or one-half of a percentage for recent college graduates when they are accessing one of DSHA’s Preferred Plus loans which include down payment and settlement assistance.
“Having an educated workforce is critically important to our state, but one of the economic development challenges we face is attracting college graduates to our state and keeping them here,” said Carney. “The Homes for Grads program is another incentive we can offer to encourage these graduates to make Delaware their home. We think this can have a lasting impact on our state’s economic wellbeing by encouraging our best and brightest residents to stay here in Delaware, contributing to our economy and to our communities.”
Homes for Grads is being funded with a $10 million commitment from DSHA and will be subsidized by revenues from DSHA’s primary homeownership loan programs. In addition, the program is financed with support from Discover Bank.
“We want to make buying a home a reality for more Delawareans throughout our state. The Homes for Grads program will help us reach this recent college graduate population who may be struggling with student debt and facing other barriers to homeownership,” said Ben Addi. “The program will make the home-buying process easy and affordable for those who have just completed their college education.”
“The Homes for Grads program offers a great opportunity for Delaware State University graduates to put down roots here in our state,” said Provost Tony Allen. “Our graduates have the knowledge and skills that Delaware employers are looking for, and this new program provides an additional incentive to encourage them to buy a home and stay in Delaware after they finish their schooling.”