Great Lakes Capital Fund and Delaware Community Investment Corp. announced their merger today.
Both are involved in financing affordable housing through their different programs, including the syndication of low-income housing tax credits.
The merger presents the organizations with an exceptional opportunity to grow into new and different markets and to expand their business activity, said officials.
“We could not be happier about the partnership we have now with Great Lakes Capital Fund,” said Jim Peffley, president of DCIC, in a statement. “With a 20-year-strong track record of investing and creating affordable housing and commercial developments all around the U.S., 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 was established by Delaware financial institutions in the early 1990s, and since its founding those banks have invested more than $350 million in communities through the nonprofit.
Headquartered in Lansing, Mich., Great Lakes Capital Fund is a nonprofit community development finance organization. It has supported community development projects for more than 20 years ago. It has invested more than $2.5 billion in housing and community development activities, including more than 500 affordable housing developments, with 35,000 units.