Membership will expand the organization’s capacity to increase financing opportunities for homeowners in underserved communities
SOUTHFIELD, MI, September 24, 2018 /24-7PressRelease/ — DRIFund (“DRI”) was recently approved for membership in The Federal Home Loan Bank of Indianapolis (“FHLBI”). Membership represents a significant milestone, allowing DRI to expand lending operations for borrowers in low – moderate income communities and provide creative financing to those underserved by mainstream banking.
DRI is a social impact investment firm with a unique double bottom line approach to business. Certified by the U.S. Department of Treasury as a Community Development Financial Institution (“CDFI”), DRI is a mission-driven financial institution dedicated to providing financial services that meet the needs of underserved communities. CDFIs are the only non-regulated entities invited to join the FHLBI and membership will provide portfolio benefits to investors.
“We are excited about our acceptance into the FHLBI and honored to join this impressive organization. Membership will enable us to provide lower cost, longer term loans to our borrowers, says Steven Kirsch, Managing Director. “We look forward to expanding our operations in the origination space. Single family and multi-family lending in the affordable housing sector will be become a primary focus for our firm in the coming years,” says, Kirsch.
The FHLBI is one of the 11 independent regional cooperative banks across the United States. FHLbanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers.
ABOUT THE FEDERAL HOME LOAN BANK OF INDIANAPOLIS (FHLBI)
The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, which include commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com.
ABOUT DRI FUND
DRI Fund (“DRI”) is an investment manager that is also certified by the U.S. Department of Treasury as a Community Development Financial Institution (“CDFI”). DRI was created with a goal of developing investment opportunities that create attractive risk-adjusted returns and have a positive social impact. DRI’s professionals have extensive experience in mortgage loan investing and have generated a strong investment track record, while successfully promoting community development. For more information please visit www.drifund.com
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