The Delaware Community Investment Corporation (DCIC) is engaging in a strategic planning project over the next year to chart its future. Formed in 1994 and certified as a community development financial institution (CDFI) in 1999, it has 35 investors, including limited purpose, wholesale, and full-service banks, as well as other nonbank investors in the equity business.
James M. Peffley, DCIC’s president, said, “We want to take a fresh look at community needs and the community development marketplace to determine how we should position the organization. We’re going to challenge and stretch ourselves to expand DCIC’s impact in Delaware and counties close to Delaware in Pennsylvania, New Jersey, and Maryland.1 We plan to build our CDFI lending operation to further diversify the organization’s financing products and expand partnership opportunities with our member banks.
“In addition, we want to bring new ideas and best practices from other parts of the country to our market. The demand for viable CRA investments in Delaware is great, and one of our goals is to work creatively with public, private, and nonprofit sector partners to expand CRA investment opportunities in Delaware and the surrounding communities.”
The DCIC has formed a planning committee that includes representatives from Barclays Bank; Citi; JPMorgan Chase Bank, N.A.; M&T Bank; PNC Bank; Wells Fargo Bank, N.A.; and WSFS Bank. It plans to hire a consultant to further its planning work.
Peffley joined the DCIC last year after working at Fannie Mae since 2002, most recently as director of strategic customer management and affordable lending. Earlier, he was senior business development manager of Fannie Mae’s Public Entities group. In this position, he helped develop the U.S. Treasury’s New Issue Bond Program (NIBP) and Temporary Credit and Liquidity Program (TCLP), two programs launched in 2009 that provided an important source of capital at a time of constriction in capital markets for affordable multifamily and single-family lending.2
From 1991 to 2002, he worked for the Delaware State Housing Authority as housing finance director and cash and debt manager. Earlier, he held positions as an analyst with two financial institutions in Delaware.