Great Lakes Capital Fund and Delaware Community Investment Corporation Announce Merger

WILMINGTON, Del., Oct. 30, 2013 /PRNewswire/ -- Passion White was in a tough spot. She was working full-time, but still unable to make ends meet. She lived in a women's shelter while her children stayed with other family members. Even though she was doing her best, it wasn't enough.

White knew that something needed to change. Enter Delaware Community Investment Corporation (DCIC). The organization revitalizes communities by investing in housing and related activities designed to address the needs of low to moderate income persons and areas throughout Delaware. White found affordable housing through Compton Apartments, owned and managed by Leon Weiner & Associates and financed through DCIC. The affordable rent allowed White to provide a safe home for herself and her family, and a base from which she is building a better life. 

Every day White feels grateful for the opportunity to live at Compton Apartments. "I see a bigger and brighter future where I can support my children," said White. "With the assistance of the program, and with stability in my life, I will succeed."

It is stories like this one that point to the real reason DCIC works so hard to reinvest in communities.  DCIC was established by Delaware financial institutions in the early 1990's, and since its founding those banks have invested over $350 million in communities through DCIC. With similar successes, Great Lakes Capital Fund (GLCF), headquartered in Lansing, Mich., has worked on community development projects since it began more than 20 years ago.

Recently, the two organizations announced a merger that will expand their organizational depth, regional footprint and, most importantly, their ability to reinvest.

"We could not be happier about the partnership we have now with Great Lakes Capital Fund," said Jim Peffley, President of DCIC. "With a 20-year-strong track record of investing and creating affordable housing and commercial developments all around the US, there was no doubt that we had found the right merger partner -- one that will enable us to bring greater value to Delaware and expand our shared business model to support communities in surrounding states."

DCIC made the decision to partner with GLCF in order to expand its capabilities by improving its infrastructure, building its set of products/services and expanding its focus beyond just Delaware. Although DCIC has made strides in these areas, it became clear that the best course of action would be to partner with a like-minded organization to increase its capacity to expand its mission activity. The organization's goal was to expand its mission activity in the most effective and efficient manner possible.

"DCIC is an absolutely wonderful organization," said Mark McDaniel, Founder and CEO of GLCF. "When I first sat down with Jim to discuss a possible merger I knew right away that fate had once again directed me to the right person at the right time."

The merger with DCIC presents GLCF with an exceptional opportunity to grow into new and different markets, to expand their business activity, thereby increasing their ability to reinvest locally. The two organizations believe that their collaboration makes sense as both seek to further a common mission and achieve mutually beneficial goals.

DCIC and GLCF hosted a press event and celebration to announce the merger on Wednesday, Oct. 30 at DoubleTree by Hilton Hotel Downtown Wilmington -- Legal District in Wilmington, Delaware.

"When two organizations come together like this for the common good of communities and people, that is definitely something to celebrate," added Peffley.

In attendance at the celebration were public officials, investors, developers, partners in the community development industry, sustainable community supporters, media, and of course, members of DCIC and GLCF.

Delaware Community Investment Corporation serves as a vehicle for community revitalization by investing in housing and related activities designed to address the needs of low to moderate income persons and areas and to aggregate and coordinate the use of public and private resources to improve and expand community development throughout Delaware. For more information please visit www.dcicnet.org.  

Great Lakes Capital Fund (GLCF) is a full service community development finance institution that has been in operation for 20 years and manages over $2.7 billion in the community redevelopment space. This includes successfully investing in over 500 affordable housing developments, representing 35,000 units, which have served over 60 thousand low to moderate income people. In addition to its housing investments, it is managing over $300 million of New Markets Tax Credits in economic development. GLCF also provides lending services through its role as a Fannie Mae Affordable Housing lender and FHA affiliations. For more information visit www.capfund.net.

Contact:

Kristine Richmond
M3 Group
[email protected]  
517.203.3333

SOURCE Great Lakes Capital Fund