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, Cinnaire (Cinnaire), headquartered in Lansing, Mich., has worked on community development projects since it began more than 20 years ago.
Recently, the two organizations announced a corporate acquisition 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 Cinnaire,” 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 Cinnaire 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 Cinnaire. “When I first sat down with Jim to discuss a possible acquisition I knew right away that fate had once again directed me to the right person at the right time.”
The acquisition of DCIC presents Cinnaire 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 Cinnaire hosted a press event and celebration to announce the corporate acquisition 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 Cinnaire.
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.