Great Lakes Capital Fund Merges with Delaware Community Investment
- Nov 01, 2013
Two community development organizations in Delaware and Michigan have become one. Delaware Community Investment Corp. and Great Lakes Capital Fund recently merged in an effort to expand their reach and services to underserved communities.
They complement each other well. DCIC helps facilitate community revitalization by investing in housing and associated activities that serve low- to moderate-income residents throughout the state. GLCF is a community finance institution that invests in affordable housing, manages New Markets Tax Credits in economic development and serves as a Fannie Mae Affordable Housing lender.
“Great Lakes is an organization that we worked pretty closely with behind the scenes and over time, conversations evolved and we thought it would make a lot of sense to join together and have each other’s expertise and abilities and expand together,” Jim Peffley, president of DCIC, told Commercial Property Executive.
GLCF serves communities in Illinois, Indiana, Louisiana, Michigan, Minnesota, Mississippi, upstate New York and Wisconsin. DCIC, as a single entity with GLCF, will increase its footprint beyond Delaware to surrounding states. And as communities continue to suffer the ramifications of the Great Recession, the combined organization will still have its hands full, especially with housing needs.
“Demand for affordable rental units continues to be very strong and we don’t expect that to change, but federal resources remain very limited so getting these deals done and producing new units gets increasingly complicated,” Peffley added.
For the foreseeable future, given its name recognition in the area, DCIC will expand under its own name, but behind the acronyms, the organizations will act as a single body. As one force, Peffley concluded, they are “on a course to have an even bigger impact in the next 20 years.”