A Double Bottom Line Approach To Business
DRI is an investment manager that is also certified by the US Department of Treasury as a Community Development Financial Institution (“CDFI”). DRI was initially formed in 2011 to manage a project sponsored by HUD’s Neighborhood Stabilization Program. The project involved the creation of affordable housing in Detroit through the rehabilitation and sale of low income housing in the area. Through this program, DRI realized that many of the communities they invested in were lacking access to loans from banks and other mainstream lenders. DRI saw an opportunity to become certified as a CDFI and provide homeownership opportunities to people who were creditworthy, but didn’t meet all the requirements that most lenders needed to originate a loan.
From there sparked several other initiatives designed to address financing issues facing underserved communities today such as DRI’s non-performing mortgage acquisition initiative. This program is designed to preserve homeownership opportunities and stabilize distressed communities through innovative loan modifications and other loss mitigation options that create positive community outcomes. The people and communities that DRI invests in are at the heart of its business model and all management decisions take into consideration a double bottom line approach to business.
What is a CDFI?
- Mission-driven financial institution dedicated to providing financial services to economically disadvantaged individuals within underserved communities.
What do CDFIs do?
- Provide critically needed financing that is unavailable from mainstream financial institutions. Promote economic growth by financing businesses, creating jobs, and rebuilding neighborhoods.
- DRI launched DRI Mortgage Opportunity Fund, L.P. (“DRIMOF”) in late 2017. DRIMOF is a social impact fund focused on investing in non-performing and performing mortgage loans. DRI also offers a number of direct investment opportunities designed not only to achieve its community objectives, but also to provide its investors with competitive rates of return managed by an experienced and successful executive team