FORT LAUDERDALE, FLORIDA (PRWEB)
May 18, 2017
DRI Fund (“DRI”) launches a social impact fund aimed at providing innovative financing to communities that are underserved by mainstream banking.
DRI is the rare combination of an investment manager that is also certified by the US Department of Treasury as a Community Development Financial Institution (“CDFI”).
As an entrepreneurial investment manager specializing in the acquisition and management of non-performing mortgage loans, DRI noticed that many of the communities they invested in were lacking access to loans from banks and other traditional sources of credit.
“We realized that many folks from low and moderate income communities just don’t fit into the standard underwriting box needed to obtain a mortgage,” says Steven Kirsch, Managing Director of DRI. “We set out to develop an investment offering that would address this issue and provide access to financing for people who are creditworthy, but don’t meet all the requirements that most lenders need to originate a loan. DRI Mortgage Opportunity Fund was set up to attract private capital to this opportunity by providing attractive risk-adjusted returns and having a social impact.”
DRI received CDFI certification in 2017. To earn CDFI certification, DRI has provided direct financing for its affordable housing and micro lending initiatives in low and moderate income areas. As part of their services, they provide borrowers with intensive financial education counseling, debt management planning, business plan development, and strategies for reducing monthly homeownership costs. DRI also managed a HUD sponsored NSP program designed to create affordable housing by rehabilitating foreclosed home for eventual lease or resale. DRI’s social impact goals include reducing foreclosures, stabilizing distressed neighborhoods, creating jobs and…