Thirty million dollars from the American Rescue Plan Act will go towards affordable housing opportunities in New Castle County, DE, County Executive Matt Meyer announced in late 2021. The ARP-funded programs will be modeled after the county’s HOME Investment Partnerships Program (HOME) program for building affordable housing. The funding will focus on both homeownership and affordable rental properties in unincorporated areas of the county. The county’s HOME program normally receives about $900,000 in federal housing aid each year. Meyer declared the 30-fold increase will “do all sorts of things to make life easier for renters, for people right on the cusp of homeownership, and potentially stuff for repairs to homes that would, if not for these resources, send people into homelessness.”
The investment comes as home prices in Delaware – and across the nation – have increased substantially over the past few years. Nationwide, home prices have soared as much as 19 percent, according to the Dallas Federal Reserve. In New Castle County, home prices increased by more than 13 percent from June 2020 to June 202.
Meyer’s housing investment dovetails with efforts made by state and city officials. In October 2021, Gov. John Carney announced an investment of more than $24 million to complete 350 affordable homes in Wilmington within two years. Further, the City of Wilmington will invest $3.5 million to develop 278 rental units, which includes 20 ADA-accessible units.
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