Who Can Apply?
Eligible Entities
For profit or 501(C)(3) non-profit developers — A developer (Owner) is any corporate entity, partner, or individual responsible for initiating and controlling a real-estate development project and ensuring that all phases of the development process are accomplished.
Emerging developers — An Emerging Developer is defined as a developer with some level of real estate development training that is seeking to build real estate experience. An emerging developer:
- Has developed fewer than 10 properties (Cannot include properties in which the developer has resided)
- Has completed a real estate development training program (e.g., the Jumpstart Wilmington developer training program) to expand their knowledge and skills in real estate development
- If operating as a non-profit organization, a 501(c)3 must already be established.
Eligible Areas — Parcels must meet one of the following definitions in order to be eligible for Catalyst Fund construction financing and sales gap subsidy:
Blighted Structure: a structure is blighted when it exhibits objectively determinable signs of
deterioration sufficient to constitute a threat to human health, safety and public welfare.
Furthermore, DSHA considers a structure to be blighted if it does not meet the State of Delaware
Housing Code or the local building code.
Vacant: an existing property is considered vacant when it has been empty for more than one year.