2011 Annual Report - Delaware State Housing Authority

DSHA
DelAwAre StAte HouSing AutHority
2011 Annual Report
Providing Affordable Housing & Supporting Delaware’s Economy

Delaware State Housing Authority 2011 Annual Report
Our Mission
DSHA Staff
Our Mission is to efficiently provide,
and assist others to provide,
quality, affordable housing opportunities and
appropriate supportive services to responsible
low- and moderate-income
Delawareans.

Table of Contents
Delaware State Housing Authority 2011 Annual Report
2011 Agency Accomplishments ................................................................................................... 2
Letter from the Governor and Lieutenant Governor ..................................................................... 3
Letter from DSHA Director Anas Ben Addi .................................................................................... 4
Letter from the Council on Housing ............................................................................................. 5
Core Services
• Homeownership .............................................................................................................. 6-7
• Rental Opportunities ........................................................................................................ 8-9
Letter from Auditor and Financial Highlights ....................................................................... 10-11
Mortgage Lenders & Servicers ....................................................................................................12
Delaware State Housing Authority 2011 Annual Report
1

Delaware State Housing Authority 2011 Annual Report
2011 Agency Accomplishments
• over 1,500 families provided with first & second
mortgage assistance to help purchase a home using safe, secure, fixed-rate
affordable mortgage products
• nearly 1,500 families provided with foreclosure
prevention assistance through housing counseling and the Delaware Emergency
Mortgage Assistance Program
• Launched new Statewide Rental Assistance Program — an
affordable state housing voucher program collaboration with Department of Health and Social Services
and Department of Services for Children, Youth and Their Families
2 | Delaware State Housing Authority 2011 Annual Report
• 16th consecutive Certificate of Achievement
earned for DSHA’s Comprehensive Annual Financial Report
• 692 units at12 sites renewed contracts to provide long-term affordability
Delaware State Housing Authority
FY 2011 Total Production:
$194,294,969
5882 units
• NAHRO national award recognition for the
New Issue Bond Program

Delaware State Housing Authority 2011 Annual Report
A letter from the Governor & Lt. Governor
Governor Jack A. Markell
Lt. Governor Matt Denn
Photo by: Ron MacArthur at the
Cape Gazette
JACK A. MARKELL
GOVERNOR
Dear Citizens,
STATE OF DELAWARE
OFFICE OF THE GOVERNOR
TATNALL BUILDING, SECOND FLOOR
WILLIAM PENN STREET, DOVER, DE 19901
PHONE: 302-744-4101
FAX: 302-739-2775
Although it has been a very busy year, affordable housing has remained a top priority for this
administration. FY 2011 saw Delaware’s economy finally looking up. We took the opportunity
to infuse $10 million into the Building Delaware’s Future Now Fund, which will preserve
Delaware’s aging rental housing stock for families of low- and moderate-incomes while
employing hundreds of Delawareans. This administration believes everyone should have a
safe, stable place to call home. The Building Delaware’s Future Now Fund will ensure that
housing remains available and affordable for our families and children.
Homeownership remains strong here in the First State with a rate of 74.4%. However, we
have not been immune to the effects of the economic downturn. Affordable homeownership
remains a significant challenge, made more difficult in recent lean years. In FY 2011, we
launched several efforts to help stimulate the market, sustain and create jobs, revitalize
communities and ensure families seeking to purchase their first home had the opportunity to
make that dream come true.
Among those initiatives were the New Issue Bond Program and a new Acquisition
Rehabilitation Loan Program that offered the lowest mortgage interest rate in DSHA history –
3.49%. Under the umbrella of the Single Family Mortgage Revenue Bond program, these new
initiatives stimulated 912 new first-time homebuyer mortgages and 590 second mortgages for
downpayment and closing costs.
We are making progress, but there is still more work to be done. By working hard alongside
our federal, state and local partners, we will continue to seek out innovative ways to meet
Delaware’s affordable housing challenges.
Sincerely,
Governor Jack Markell
Lieutenant Governor Matt Denn
Delaware State Housing Authority 2011 Annual Report | 3

Delaware State Housing Authority 2011 Annual Report
A letter from the Director
Director, Anas Ben Addi
Dear Friends:
4 | Delaware State Housing Authority 2011 Annual Report
The last year has been quite a whirlwind! DSHA has been very busy on several fronts, meeting the
challenges of affordable housing head on. In 2010, our focus has been three-fold: affordable rental
preservation; homeownership; and foreclosure prevention.
The increased demand for affordable rental housing put a strain on our aging housing stock. With the
support of the administration, DSHA has been able to preserve 281 units and create 83 new affordable
rental units for our deserving Delaware families.
Affordable homeownership also saw a boost with the implementation of the new Acquisition
Rehabilitation Mortgage Program. Even with the record low interest rates and large number of
affordably priced homes on the market, buyers have found it increasingly difficult to purchase homes
because of the tightened credit requirements, economic uncertainty and the challenge of finding
financing because of the condition of a property. This mortgage provides homebuyers the opportunity
to purchase and rehab the home of their dreams, while taking advantage of the lowest interest rate in
DSHA history — 3.49%.
Foreclosure continues to be major issue here in Delaware. However, with the recent boost of
$6 million from the Emergency Homeowners Loan Program through the U.S. Department of Housing
& Urban Development, more families than ever are able to save their home. This funding has been
critical in helping Delaware families facing foreclosure through no fault of their own.
With the wheels rolling forward on those three fronts, we wrapped up the year by unveiling the new
solar panels on two of our Public Housing sites. This renewable energy project was a DSHA goal for
several years, made possible through the American Recovery & Reinvestment Act. We are proud to
be a part of reducing both Delaware’s energy costs and our environmental impact on the First State.
As you can see, we have been very busy on many different fronts. We will continue to look forward
to the future and toward winning the challenges that will be there tomorrow.
Regards,
Anas Ben Addi
Director, Delaware State Housing Authority
Delaware State Housing Authority
18 The Green
Dover, Delaware 19901

Delaware State Housing Authority 2011 Annual Report
A letter from the Delaware Council on Housing
Dear Neighbors,
Delaware Council on
Housing
Delaware State Housing Authority
18 The Green
Dover, Delaware 19901
The Delaware Council on Housing studies, researches, plans and advises the Governor, DSHA Director
and General Assembly on housing matters and approves the allocation of loans and grants through the
Housing Development Fund. In fiscal year 2011 the Council approved resolutions resulting in over
$14 million in grants and loans from the Housing Development Fund resulting in the creation or
preservation of 855 units of affordable housing. These funds supported work on providing homeless
services, affordable rental, homeownership, foreclosure prevention, housing rehabilitation, housing
counseling and nonprofit administration services. Housing initiatives launched this year have created
and sustained jobs in the building industry through the creation and rehabilitation of affordable rental
housing sites and through the subsidizing of mortgages for first-time homebuyers purchasing newconstruction
single family homes. This work was supported by federal stimulus programs which
helped DSHA to mitigate the effect of reduced private investment in housing tax credits and bonds.
However, the need for affordable housing in the State of Delaware remains great and is increasing. The
foreclosure crisis and the current economic downturn have imposed great stress on the housing system
and on working families at the lower end of the income brackets. The Council remains dedicated to
raising the priority of housing and striving to meet the need for affordable homeownership, increasing
the number of affordable rental opportunities in our state and expanding our capacity to serve other
populations still in need. The Council is looking forward to continuing our work toward these goals
in cooperation with DHSA, elected officials and our many partners throughout Delaware.
Ruth Sokolowski,
Council Vice Chair
Norma Zumsteg
Chair, Delaware Council on Housing
Connie Louder,
Council Member
Anita Auten,
Council Member
Donna Mitchell,
Council Member
Patricia Batchelor,
Council Member
Ralp Peters,
Council Member
Chair, Norma Zumsteg
Russell Huxtable,
Council Member
Vincent M. White,
Council Member
Hugh Leahy,
Council Member
Delaware State Housing Authority 2011 Annual Report | 5

Delaware State Housing Authority 2011 Annual Report
Homeownership
Erik & Corina
Wilmington, DE
Looking to save money so they could purchase their frst
home, Erik and Corina Steeley moved in with friends.
Together for more than a decade, the Steeleys had been
renting for years and were looking to the future to raise a family in a home
of their own. They began looking around, but continually found that the homes
that ft their needs were priced out of their reach. They were becoming frustrated
and discouraged until their lender, Mark Randolph of Fairway Mortgage,
suggested they consider DSHA’s 203K Acquisition /Rehabilitation Program.
Highlights
• Nearly $160 Million Allocated to Assist 1,500 Families with First & Second Mortgages
• Offered Lowest Rate in DSHA History — 3.49%
• Worked to help Save 1,500 Homes From Foreclosure Through Delaware Emergency
Mortgage Assistance Program & Housing Counseling
• Launched New Acquisition Rehabilitation Loan Program
• Hosted DSHA’s First Homebuyer Fair
6 | Delaware State Housing Authority 2011 Annual Report
The 203K program would allow them to widen their
search to include homes that were more affordably
priced but needed some repairs. Quickly, the Steeleys
were able to fnd a home they loved and was within
their budget. Using the 203K program, they were also
able to roll the funding for the mortgage and the
repairs into one easy payment. With the repair work
nearing completion, the Steeleys have a home for their
new baby that costs them less per month than they
paid in rent.

Shenequa Hayes wanted so much to become a
homeowner and make an investment in her future.
Thanks to the partnership between DSHA
and Self-Help Housing Program, when
Shenequa moves in this September she will
not only celebrate reaching a goal she has
labored hard to achieve, she will pay nearly
$300 less each month on her mortgage
than she was paying in rent.
Delaware State Housing Authority 2011 Annual Report
Homeownership
Shenequa
Camden, DE
Shenequa Hayes wanted so much to become a
homeowner and make an investment in her future.
Although she works full-time at Dentsply Caulk
in Milford, that aspiration remained out of her reach. Not one to
give up, Shenequa applied to the Milford Housing Development
Corporation/USDA Rural Development Mutual Self-Help Housing
Program. She dedicates 30 hours each week to building her home in
Harmony Hills, as well as the homes of other program participants in
the neighborhood — all the homes will be complete before any of
the families move in.
Delaware State Housing Authority 2011 Annual Report | 7

Delaware State Housing Authority 2011 Annual Report
Rental Opportunities
The Joanems
Magnolia, DE
The dream of owning a home, especially in our current
economic times, is often a difficult accomplishment.
When your journey brings you from Haiti to this country,
along with your seven children, that goal may have seemed a bit out of
reach. However, Wilner and Hersillia Joanem and their children — Johnny,
Wende, Ernis, Stephanie, Alicia, Wilterson, and Kinberlly — felt up to the
challenge and committed themselves as a family to obtaining exactly that
dream. The Joanem family began their journey by participating in the DSHA
Moving to Work Program and took up residence
in Camden at the Mifflin Meadows rental
housing site in April 2005. Not only were
they provided with safe affordable
housing, but the children also took
part in neighborhood activities, including the 4-H Afterschool Program there. Thriving as a
family and working hard, both Mr. and Mrs. Joanem are employed with Harrington
Raceway and Casino. The Moving to Work Program gave the Joanem’s the opportunity
to incrementally achieve self-sufficiency and save up the funds to no longer need
assistance and purchase a home. Now the
family is enjoying their lovely new home
in Magnolia.
Highlights
• Provided Homes and Emergency Shelter for Over 14,000 Delawareans and Their Families
• Allocated Over $24.5 Million in Funding for Rental Development & Preservation Creating
420 New Affordable Rental Units
• Leveraged $50 Million with a $12 Million in State Investment to Support Affordable Rental
Development & Preservation
• Maintained 99% Housing Choice Voucher Utilization Rate and 97% Public Housing Occupancy Rate
8 | Delaware State Housing Authority 2011 Annual Report

Rental Opportunities
Delaware State Housing Authority 2011 Annual Report
Nicole
Newark, DE
Nicole Byers moved into her apartment in
July, 2010 through the Step-Up Program.
Step-Up is a state-wide rental assistance voucher
program funded through the Delaware State Housing
Authority – and the frst of its kind in Delaware.
Nicole was working in a restaurant, but wanted more in life. She eventually left the restaurant and took a part-time position with the Center
for Justice, which along with the Step-Up program, allowed her to concentrate on fnishing her degree at the University of Delaware. Ms. Byers
is currently a junior and will graduate in May, 2012.
Delaware State Housing Authority 2011 Annual Report | 9

Delaware State Housing Authority 2011 Annual Report
Auditor’s Report
10 | Delaware State Housing Authority 2011 Annual Report

Financial Report
Delaware State Housing Authority 2011 Annual Report
June 30, 2011 June 30, 2010
Assets
Current assets
Cash and investments $212,017,057 $198,650,973
Mortgages receivable $14,412,902 $15,857,001
Other current assets 2 $40,350,806 $36,639,296
Total current assets $266,780,765 $251,147,270
Non-current assets
Investments $81,558,761 $106,930,286
Mortgages receivable, net $891,285,160 $931,040,373
Capital assets, net of accumulated depreciation $19,578,402 $20,205,959
Other non-current assets 3 $15,565,047 $16,022,630
Total non-current assets $1,007,987,370 $1,074,199,248
Total Assets $1,274,768,135 $1,325,346,518
Liabilities and Net Assets
Liabilities
Current Liabilities
Accounts payable and other current liabilities 4 $71,599,981 $ 2,444,315
Revenue bonds payable $117,449,336 $168,456,733
Total current liabilities $189,049,317 $170,901,048
Non-current liabilities
Escrow deposits $31,749,098 $29,322,921
Revenue bonds payable $712,643,452 $795,813,822
Other non-current liabilities 5 $1,669,936 $2,031,791
Total non-current liabilities $746,062,486 $ 827,168,534
Total Liabilities $935,111,803 $998,069,582
Net Assets
Invested in capital assets $19,578,402 $20,205,959
Restricted 6 $290,715,395 $279,032,906
Unrestricted, for Authority’s purposes $29,362,535 $28,038,071
Total net assets $339,656,332 $327,276,936
Total Liabilities and Net Assets $1,274,768,135 $1,325,346,518
NOTES:
1 For more detailed information and disclosure the Basic Financial Statements and Supplemental Information for the Year Ended June 30, 2011, Including Requirements of the Single Audit Act, and
Independent Auditor's Reports are available at: http://www.destatehousing.com/information/fnancial.shtml.
2 Other current assets include the current portion of accrued interest , other receivables, prepaid expenses, and deferred bond issuance costs.
3 Other non-current assets include the non-current portion of accrued interest, other receivables, and deferred bond issuance costs.
4 Accounts payable and other current liabilities include current portion of accrued arbitrage payable, compensated absences payable, nonrefundable deferred commitment fees, and notes payable.
5 Other non-current liabilities include the non-current portion of accrued arbitrage payable, compensated absences payable, nonrefundable deferred commitment fees, and notes payable.
6 Restricted net assets include amounts restricted by federal and state program requirements, and bond covenants.
Delaware State Housing Authority 2011 Annual Report | 11

Delaware State Housing Authority 2011 Annual Report
Mortgage Lenders & Servicers
MORTGAGE LENDERS AND SERVICERS
IN DSHA’S FISCAL 2011
SINGLE FAMILY MORTGAGE REVENUE BOND PROGRAM
Allied Mortgage Group, Inc.
American Home Bank, N.A.
Artisans’ Bank
Atlantic Home Loans
Aurora Loan Services
Bank of America, N.A.
Cenlar Federal Savings Bank
Chase Home Finance
Citi Mortgage, Inc.
Citizens Mortgage
Delaware National Bank
Dovenmuehle Mortgage, Inc.
Embrace Home Loans
EverHome Mortgage, a Division of EverBank
Fairway Independent Mortgage Corporation
Gilpin Financial Services
GMAC Mortgage Corporation
Huntington Mortgage Company
Lincoln Mortgage
Mason Dixon Funding, Inc.
MetLife Home Loans
Mortgage America
Mortgage Network, Inc.
National City Mortgage Corporation
NVR Mortgage Finance, Inc.
PNC Bank National Association
Prosperity Mortgage
Sovereign Bank
Sun Trust Mortgage, Inc.
Superior Home Mortgage Corporation
Trident Mortgage Company
U.S. Bank Home Mortgage
Wachovia Mortgage
Weichert Financial Services
Wells Fargo Home Mortgage, Inc.
West Star Mortgage, Inc.
Wilmington Mortgage Services
Wilmington Savings Fund Society, FSB
Wilmington Trust Company
12 | Delaware State Housing Authority 2011 Annual Report
DELAWARE STATE HOUSING AUTHORITY
LEGAL AND FINANCIAL PARTICIPATION
AS OF JUNE 30, 2011
GENERAL COUNSEL
Drinker, Biddle & Reath
Wilmington, Delaware
BOND COUNSEL
Greenberg Traurig
Wilmington, Delaware
PAYING AGENTS
Wilmington Trust Company
Wilmington, Delaware
MORTGAGE POOL UNDERWRITERS
Radian Guaranty, Inc.
Philadelphia, Pennsylvania
United Guaranty, Inc.
Greensboro, North Carolina
MANAGING UNDERWRITERS
George K. Baum & Company
Denver, Colorado
CO-MANAGING UNDERWRITERS
Bank of America Merrill Lynch
New York, New York
J.P. Morgan Securities
New York, New York
Barclays Capital
New York, New York
FINANCIAL ADVISOR
CSG Advisors, Inc.
Alpharetta, Georgia

DSHA Team Members
Carl Anderson
Denise Arnott
Ernest Baynum
Enid Beltran
Anas Ben Addi
Pebbles Blanchard
Lynda Blythe
Calvin Bonniwell
Daniel Brennan
Kimberly Brockenbrough
Julie Brown
Kathleen Brown
Gail Brown
Michelle Burgess
Jackie Burton
Willia Carey
Cassandra Claiborne
Richard Clegg
John Conley
Patricia Conley
Amber Cooper
Douglas Croft
Sharon Currey
Carey Daniels
Alice Davis
Cynthia Deakyne
Devon Degyansky
Christina Dirksen
Debra Doughty
Kimberly Edwards
Susan Eliason
Keanna Faison
Donnie Fannin
Lonnie Field
Cynthia Fletcher
Karen Flowers
Corinda Floyd
Walter Floyd
Arlene Fordham
Elton Frazier
Kevin Freese
Lori Fretz
Corinna Fritsch
Steven Gherke
Marlena Gibson
Shannon Griffith
Doris Hall
Joseph Haney
Eric Hart
Mabel Hayes
Gary Hecker
Matthew Heckles
Nancy Hopkins
Karen Horton
Maritza Irizarry
Everett Jennings
Jerry Jones
Kyle Jones-Bey
Cynthia Karnai-Crossan
Rebecca Kauffman
Shannon Keenan
Stephanie Killen
Christine Kinnikin
Gary Kinnikin
Susan Knight
Raymond Kress
Emily Lanter
Michele Leech
Cheryl Lehman
Lee Ann Lepore
Melinda Lewis
Olga Lezcano
James Loescher
Andrew Lorenz
Stacey Lurry
Elizabeth McCloskey
Katherine McCoy
Jacquelin McIntyre
Timothy McLaughlin
Angel Mercado
Michael Miles
Mary Miles
Annette Miller
Valerie Miller
Darlene Milligan-Ramsey
Renee Mills
Audrey Mills
Donna Mitchell
Kathy Morris
Demarsh Murchison
Nancy Nicholas
Vantrina Nock
Delaware State Housing Authority 2011 Annual Report
Katrice Obidike
Carol Orzechowski
Robbie Pace
Rita Paige
Loretta Parkhill
Walter Passwaters, II
Mary Louise Paul
Penny Pierson
LaTanya Pratt
Javier Ramirez
Regina Reid
Karen Ressel
Jennifer Rineer
Theodore Robbins
Arlene Robertson
Tara Rogers
Brian Rossello
John Roth
William Salamone
Maynard Scott
Lisa Semans
Matthew Shaw
Virginia Sheridan
Lee Sheridan
Joan Smith
Pamela Spencer
Wanda Spiering
Jody Starke
Roxann Stayton
Frederick Strauss
John Tilghman
Corinne Todd-Grieve
Sharon Truitt
Jeree Turlington
Paula Voshell
Vanessa Walker
Deborah Walker
Richard Waters
Evelyn Welsh
Christopher Whaley
Deborah Whidden
Deane Willey
Tabu Wilson
Beverly Young
Charles Young
Delaware State Housing Authority 2011 Annual Report
13

DELAWARE STATE HOUSING AUTHORITY
18 THE GREEN • DOVER, DE 19901
1-888-363-8808
WWW.DESTATEHOUSING.COM
DOC:#10-08-01-11-10-01
Persons with impairments that prevent reading this document may receive appropriate assistance by contacting
DSHA at (302) 739-4263 or 888-363-8808 or TDD (302) 739-7428 or by directing a letter to the attention of Community Relations, 18 The Green, Dover, Delaware 19901.