This program provides long term permanent financing to nonprofit and for-profit developers for the development of affordable housing for individuals and families, the disabled, and the elderly.  Since 1994, DCIC has established four funds totaling $103 million.  Through the programs, 60 developments have been financed, providing over 4,000 units of housing.  The developments are located throughout the State.
Application Form (pdf)

The Fund was established to encourage equity investment in low-income housing projects which qualify for the federal low income housing tax credit.  Equity Fund investors receive current tax benefits in the form of tax credits and developers of low-income housing are provided with a predictable equity raising process when accessing the Fund.  Equity fund investment is restricted to Delaware developments only and is available to both for-profit and nonprofit developers.  Investment is not restricted to those developments utilizing DCIC financing but is also considered for projects that obtain long term financing from other sources.  The underwriting criteria for the Equity Fund mirrors that of the Loan Program, providing a streamlined process for developers applying for both DCIC programs.  DCIC forms limited partnerships and invests in housing developments, monitoring their performance for 15-18 years. Member bank investors that invest in a DCIC equity fund receive a dollar-for-dollar credit against their income tax.  This program totals $150.7 million in commitments, which has provided 2,520 units in 40 developments of housing for families, seniors, the homeless and those with special needs.

DCIC provides long-term financing of commercial real estate projects located in areas targeted for revitalization, in particular the historic commercial business districts of cities and towns. Loans are used to fill financing gaps for projects that stimulate additional development activity and create employment.  Loans made from this program include a charter school, a day care center, a medical center, a community center and office space for two nonprofit organizations.
Application Form (pdf)

DCIC provides permanent financing for mixed-use projects, i.e. those that result in a portion of the property being used for housing and a portion for retail use. Eligible for financing are redevelopment and revitalization projects requiring permanent loans for acquisition, post-construction and post-rehabilitation.
Application Form (pdf)

DCIC provides short-term financing (36 months) for property acquisition/site control and bridge financing for projects located in areas targeted for urban renewal or those that involve a specified development strategy.  Funded from this program are seven site acquisition loans, bridge financing for an arts center and a theater for the performing arts.  In addition a loan was made which made possible the rehabilitation of an entire city block in Wilmington’s historic central business district.  Now completed, the development contains 83 apartment units and approximately 33,000 square feet of commercial space.
Application Form (pdf)
 

DCIC was successful in obtaining a $15 million allocation of New Markets Tax Credits. The program was established by Congress in 2000 to increase the flow of private capital to underserved markets by creating a tax credit for investments in Community Development entities.  DCIC was one of 66 out of 345 applicants and the only entity in Delaware, to receive an allocation of 2002 New Markets Tax Credits. The $15 million was deployed in a downtown mixed use development.