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Article Archives: Delaware

Small Loans, Big Returns
Ways to Work (WtW) is a nonprofit, community development financial institution that helps lower-income people. WtW is designed to help borrowers attain financial independence and advance economically by having money to purchase dependable used cars to get to work or school. Since 1996, WtW has originated nearly 12,000 loans for more than $31 million and the average auto loan amounts to an average $3,400. Results of a 2006 WtW evaluation indicate that borrowers reported an average increase of 41 percent in their take-home pay. In addition, 67 percent of WtW borrowers report that they have used conventional financial services subsequent to receiving their WtW loans.

Headquartered in Milwaukee, WtW makes its loans from 43 offices in 21 states: California, Delaware, Florida, Hawaii, Illinois, Indiana, Louisiana, Maryland, Michigan, Minnesota, Missouri, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Dakota, Texas, Virginia, Washington, and Wisconsin.

WtW offices are located in social service agencies affiliated with the Alliance of Children and Families (ACF). ACF agencies screen and provide financial education to borrowers and service the loans. WtW local offices provide financial education to more than three persons for every individual who receives a loan. Investors in WtW include several national foundations, the Community Development Financial Institution Fund of the U.S. Treasury Department, local United Way offices, and financial institutions. Banks can be involved by investing in the national WtW loan fund, by referring to local WtW offices prospective borrowers who do not meet conventional credit criteria, by participating in local WtW loan committees, and by providing grants and in-kind donations to WtW.

For more information, contact President Jeff Faulkner at (414) 359-1448 ext. 2, e-mail him, or visit his Web site.
[Community Developments Investments, Fall 2008]

Down Payment Assistance Doubles in Delaware
Recent increases in home prices in Delaware have made it difficult for new homebuyers to purchase homes. Now these homebuyers are getting financial help with buying a home. In May 2006, Delaware State Housing Authority doubled the down payment assistance for first time homebuyers. Through the Delaware Housing Partnership (DHP) Second Mortgage Program, purchasers can now get up to $15,000 in down payment assistance for new construction. This assistance will make homes more affordable for moderate-income purchasers. The maximum amount that homebuyers may borrow in the Second Mortgage Assistance Loan Program (SMAL) has also been increased to $6,000. Limits on borrower income and purchase prices have been raised to meet the needs of more borrowers attempting to purchase homes. Both DHP and SMAL are used for down payment assistance or closing costs.

To learn more about these programs, contact Community Relations at the Delaware State Housing Authority, (888) 363-8808 or visit its Web site at:
[Published in News from the Districts, Community Developments, Winter 2006-2007]

Equity Opportunities Grow In Delaware
The Delaware Community Investment Corporation (DCIC) recently closed a $30 million equity fund under the organization's Affordable Housing Equity Program. DCIC finances and invests in housing and related activities designed to address the needs of low- to moderate-income people in Delaware. DCIC was established as a multibank community development corporation in 1994. One of DCIC's goals is to sponsor and administer an equity fund through which Delaware banks may invest equity in projects throughout the state that qualify for tax credits. With the addition of this new round of funding, the total equity made available by DCIC for affordable housing projects has grown to over $150 million. These funds have assisted in the production of 2,400 units of affordable housing. In December 2004, DCIC announced eleven investors committed $10 million to its New Market Tax Credit Fund (NMTC). DCIC was the first community development entity in Delaware to receive an allocation of tax credits under the NMTC program. It is now taking applications for qualifying projects that will involve the development or rehabilitation of real estate considered to be public investments.

For further information, contact Doris Schnider, president of DCIC, at or (302) 655-1420.
[Published in News from the Districts, Community Developments, Summer 2005]

Delawareans Save!
Interfaith Housing Delaware, a NeighborWorks® organization, is offering Individual Development Accounts (IDAs) -- called "Delawareans Save!" -- to help lower-income residents build assets. The dollar-for-dollar matched savings account (with the matching funds supplied by the state) can be used to help make a down payment for a home, start a small business, or cover education costs. Participants attend financial literacy classes and receive housing counseling and other services, offered in both English and Spanish. Graduates open their IDA savings account with a participating bank.

For more information, contact Interfaith Housing Delaware at (302) 995-7408, or
[Published in News from the Districts, Community Developments, Spring 2003.