MILFORD, Del. — The Delaware State Housing Authority, along with Governor Matt Meyer, developers, and housing advocates, launched Mispillion Station II, an affordable housing project that will renovate 32 apartments and add 16 new units in Milford.
The project is a joint venture between Severn Companies LLC and Searfoss Development LLC. It is funded with a 2023 low-income housing tax credit allocation of nearly $547,000 and more than $5 million in supplemental funding. The developers also received a 2025 preliminary tax credit award to preserve 40 housing units as part of Mispillion Station III. Governor Meyer said the tax credits leverage public and private investment, create jobs, support local economies, and ensure long-term affordability for working families. The 2025 tax credit allocations provide $3.4 million to four development projects in Delaware, creating 105 new units and preserving 116 existing units.
DSHA Director Matthew J. Heckles said the program raises approximately 90 cents in equity for every dollar of tax credit invested. He said the credits allow developers to preserve and build housing for families earning less than 60 percent of the area median income. Arthur W. Edwards Jr., president of Severn Development Company, said Mispillion Apartments has been in operation since 1979 and praised the support from DSHA, the U.S. Department of Housing and Urban Development, and Rural Development. Grant Searfoss, president of Searfoss Development, said Mispillion Station II achieves both preservation of existing units and creation of new affordable housing for Milford residents.
Other 2025 tax credit recipients include Village of Francis and Clare in Wilmington, a 51-unit senior housing project; Willows at Northstar in Lewes, a 46-unit new construction project integrated into a larger development; and Georgetown Apartments I in Georgetown, which preserves 76 existing units.
The credits are claimed over ten years, and all buildings financed through the program must remain affordable for at least 30 years. The low-income housing tax credit program was created in 1986 to encourage private and public investment in affordable rental housing. DSHA has administered the program in Delaware since 1987, adding more than 10,000 affordable units to the state’s housing inventory.
More information is available at https://dhsa.delaware.gov/low-income-housing-tax-credit-lihtc
photo: delaware.gov