In the last 15 years, New Castle County has experienced a strong economy and housing market. We have become an attractive destination in the Mid-Atlantic region for those looking for a higher quality of life with relatively low taxes.
The recent tightening of lending standards, foreclosures, and rising interest rates are having a significant impact on housing affordability. Also, rising construction costs are prohibitive and limit a developer’s ability to meet the need for affordable housing. As a result, fewer moderately priced homes are available to accommodate our county’s working class families. Housing plays an important role in economic advancement and growth of the middle class.
Working households represent a vital part of the economy, providing essential services that most of us depend on every day – in the classroom, ensuring public safety, in food service, medical offices, etc. The wages associated with these professions make it difficult to live in the communities which they serve. The Workforce Housing ordinance was designed to encourage developers to provide a range of housing opportunities rather than continuing to build housing beyond the means of most New Castle County families.