1. Delaware Community Investment Fund Committee of 100 Economic Roundtable June 26, 2015

2. Delaware Community Investment Corporation/Great Lakes Capital Fund – History and Performance  DCIC was formed in 1994 as a community development corporation and has collaborated with banks, developers and public entities to create or preserve over 5,000 units of affordable housing through its loan and investment programs.  DCIC has also provided short and long-term financing for commercial real estate projects and community facilities. Over the past 20 years, DCIC has invested nearly $400 million into communities throughout Delaware and the Mid-Atlantic region.  In 2014, DCIC merged with Great Lakes Capital Fund, a like-minded Community Development Financial Institution to bring additional capabilities to Delaware’s community development industry.  Over its 20-year history, Great Lakes Capital Fund has provided over $2.95 billion of equity investments & permanent loans, support for over 635 developments/39,000 units and managed over $360 million of New Markets Tax Credits in economic development projects. INTRODUCTION 2

3. Needs Many Delaware neighborhoods exhibit severely distressed conditions: High vacancy rates Blighted properties Low homeownership rates Lack of community and commercial facilities Lack of green space High crime rates Opportunities Revitalization successes, particularly in Wilmington, provide a base of strength from which to grow. Funders, developers, government officials and private citizens share deep frustration with the lack of progress – and are motivated to act. Significant, new public and private resources are available, but not coordinated. Comprehensive municipal planning efforts have detailed needs and strategies, but implementations efforts have lagged significantly. Delaware Market Needs and Opportunities MARKET CONDITIONS 3

4. … But it is very difficult for sponsors, particularly community- based sponsors, to pull together all of the resources needed to realize their vision/goals. This makes locally-driven community development activities extremely challenging in a time when neighborhood revitalization is a major need and priority. MARKET CONDITIONS  Downtown Development District Grants  Strong Neighborhoods Housing Fund  Delaware Economic Development Office – Neighborhood Building Blocks  Lenders – Loans and Grants  Financial Intermediaries  Foundations  Municipal Incentives for Downtown Development Districts 4 Significant Private, State and Municipal Incentives Are Available

5. 5 Funders Delaware Community Investment Fund Community Developers Targeted Neighborhoods and Redevelopment Areas Proposed Community Development Funding Structure FUND OBJECTIVES

6. FUND PURPOSE Foster new community development activity and provide flexible financing to reduce blight and support homeownership, including community facilities and commercial activity in targeted redevelopment areas which will strengthen neighborhoods. Eligible Uses  Predevelopment  Acquisition  Demolition  Construction (if banks cannot provide)  Bridge  Mezzanine  Mini Perm Eligible Projects  Residential  Mixed Use  Community Facilities Eligible Borrowers  Non-profit entities  For-profit companies  Municipalities Delaware Community Investment Fund FUND OBJECTIVES 6

7. I. EXECUIVE SUMMARY FUND OBJECTIVES BENEFITS TO FUNDERSBENEFITS TO SPONSORSBENEFITS TO COMMUNITIES  Incremental lending opportunities  Diversified investments reduce risk  CRA credit  Coordination of resources leads to maximum impact, and makes new community development activity more feasible  Significant reduction in project review/staff time  Expedient access to capital  Competitively priced capital  Simplification of funding process  Access to flexible capital that can address multiple needs  Predictable funding sources and qualification criteria  Catalytic projects that spur additional development  Job creation  Tax revenue boost  Reduced vacancy and blight  Improved housing conditions  Improved commercial and community facilities FUND OBJECTIVES 7

8. II. BUSINESS STRATEGY SAMPLE INVESTMENT TRANSACTION DELAWARE COMMUNITY INVESTMENT FUND TOP LOSS – GOVERNMENT SOURCES CDFI FUNDING FOUNDATION SUPPORT PRIVATE SECTOR INVESTMENT Delaware Community Investment Fund Sources FUND CHARACTERISTICS 8