Downtown Development District
Investors who make Qualified Real Property Investments (QRPI) to commercial, industrial, residential, and mixed-use buildings or facilities in designated areas may apply to Delaware State Housing Authority for a DDD Rebate of up to 20% of QRPI.
The Downtown Development Districts Act was created to leverage state resources in a limited number of designated areas in Delaware’s cities and towns to spur private capital investment in commercial business districts and other neighborhoods; stimulate job growth and improve the commercial vitality of our cities and towns; and help build a stable community of long-term residents in our downtowns and other neighborhoods. The Wilmington DDD is contiguous and represents 221.9 acres of space. The residential neighborhoods of downtown Wilmington that surround the central business district and are part of the Downtown Development District include West Center City, the Creative District (including Quaker Hill), and East Side. These neighborhoods correspond generally to the following census tracts:
Census tracts 9, 29: East Side
Census tracts 16, 21: West Center City
Census tract 28: Creative District
- The Minimum Qualified Investment Threshold (MQIT) for Large Projects is the minimum amount of Qualified Real Property Investments (QRPI) required to be made by an Investor to qualify for a Large Project DDD Grant. The MQIT for Large Projects is treated similar to a deductible and is not eligible for a Grant.
- There is no MQIT (deductible) for Small Projects; however, there is minimum QRPI of $25,000 required to be considered eligible for the program.
- DDD Grants are limited to $1,500,000 per building or facility within a five-consecutive-year period, starting with the year in which a grant is first awarded or reserved. A $1,500,000 Grant requires a QRPI greater than $41,000,000.
- The QRPI must be made within the boundaries of a designated DDD
- The QRPI must be in excess of the required MQIT (deductible) and minimum QRPI for the specific set-aside.
- The Investor must meet site control requirements (e.g. legal title, sales agreement, or owner’s consent).
State of Delaware
http://www.destatehousing.com/Developers/dv_ddd.phpCategory: State, Local