January 23, 2014

Investing in Communities to Provide Affordable Housing

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Passion WhitePassion White found herself in a women’s shelter while her children were living with other family members.  She was working full-time but she still couldn’t make ends meet.  White found affordable housing at Compton Apartments.  The affordable rent allowed White to bring her children under one roof where the family was safe.  Now she is building a better life.

“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.”

White’s story is one of the reasons the Delaware Community Investment Corporation (DCIC) revitalizes communities by investing in housing and related activities designed to address the needs of people, like Passion White, who live in Delaware.  Compton Apartments is owned and managed by Leon Weiner & Associates and financed by DCIC.

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, MI, has worked on community development projects since it began more than 20 years ago.  DCIC announced a merger with GLCF on October 30, 2013 to expand its organizational depth, regional footprint, the ability to reinvest and help more people like Passion White.

“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.”

Maria Bynum is the Field Officer Director for HUD’s Wilmington, Delaware field office.

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