New projects in Seaford, Dover, Wilmington to receive Downtown Development Districts Funding

By Christi Milligan

Dover, Del. – New projects in Wilmington, Dover and Seaford are slated to receive funding from Delaware’s Downtown Development Districts program.

The Delaware State Housing Authority and Gov. Jack Markell announced that 11 projects have been selected to receive $4 million in DDD funding. Delaware’s new grants will leverage $45 million in private investment in commercial and residential development in all three cities.

 New projects include the redevelopment of vacant properties to promote homeownership in downtown Wilmington; mixed-use reconstruction on Market Street; new home construction on New Street and Reed Street in downtown Dover; and additional development at The Residences at River Place in Seaford.

 “Our Downtown Development Districts program continues to leverage significant private investment in Delaware’s downtowns,” said Markell.  “More Delawareans want to live and work in urban areas, so this kind of revitalization of our cities will drive future economic growth. We’re seeing great progress.”

Due to significant ongoing interest in the program, DSHA will initiate another DDD funding round this spring. The round will open on March 1, with applications due by May 15.

 In January 2015, Governor Markell designated the downtown areas of Seaford, Dover, and Wilmington as Delaware’s first three Downtown Development Districts. In the first funding round, announced last April, a $5.6 million investment by the state  leveraged $114 million in private investment in all three counties.

 To incentivize development, applicants receiving DDD grants are eligible for up to 20 percent of their construction costs in the form of a rebate. Grants are awarded only when projects are complete.

District

Total Awards

Total TDC

Total QRPI

Total Reservations

Dover

5

$14,226,060

$11,096,123

$1,470,396

Seaford

1

$11,461,567

$9,512,678

$700,000

Wilmington

5

$19,967,190

$11,893,114

$1,837,090

Grand Total

11

$45,654,817

$32,501,915

$4,007,486

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