Causes: Centers to Support the Independence of Specific Populations, Community & Neighborhood Development, Economic Development, Financial Institutions, Homeless & Housing, Housing & Shelter, Human Services
Mission: Opportunity resource fund (oppfund) promotes affordable housing, small business ownership, single family mortgages, strong communities, and fosters social and economic justice by providing loans and development services throughout the state of michigan. By making funds available to those denied access to traditional capital, oppfund is breaking the cycle of poverty and assisting in the revitalization of michigan neighborhoods and communities. Pre and post loan closing development services are a provision of services offered to individuals, nonprofits, and business owners. Oppfund is a certified community development financial institution and functions as a revolving loan fund. It accepts socially motivated investments from individuals, not for profit organizations and banks with interest rates ranging generally from zero to three percent. These investment dollars are pooled to provide loans at affordable rates for real estate development, small business and homeownership loans.
Programs: Oppfund's history of successful lending spans more than 33 years. Commitment and diligence has earned oppfund a reputation as a solid, dependable, and flexible lender and development services provider throughout the state of michigan. As a recognized michigan lender, oppfund seeks collaboration opportunities and has strong relationships and positive partnerships with key concerns in michigan's economic community. Since 1985, oppfund has loaned more than $45. 8 million providing 294 real estate development, 98 small business, 11 consumer, and 260 homeownership loans. These loans have leveraged more than $187 million from public and private investments helping to create or maintain 2,536 units of affordable housing, 938 jobs, 260 new or safer housing for predominantly low and moderate-income families, and ensuring at least 125 children are safer in organized daycare facilities. In addition, almost 477,000 square feet of primarily commercial space has been developed and rehabilitated in addition to more than 472,000 square feet of new or safer housing for predominantly low and moderate-income families. Oppfund loans empower people throughout the state of michigan. Oppfund relies upon its 2018-2020 strategic plan in its continuing quest to act as a catalyst for change to benefit and strengthen michigan communities. The strategic plan includes a lending goal of $15 million over the next three years to further provide financing for the creation, renovation, and/or preservation of affordable housing, assist individual homeowners, and help to fuel michigan's economy with the creation of jobs. Specifically, in 2017, oppfund loaned almost $3. 0 million with 1 real estate development, 5 small business, and 67 homeownership loans closed. These loans helped to create or rehabilitate 5 units of affordable housing, purchase or repair 67 homes, and create or maintain 60 jobs. In addition, 28,200 square feet of primarily commercial space has been developed or rehabilitated.
oppfund has witnessed firsthand community investment is a growth catalyst for communities and those who live and work in those communities. Team members provide development services, directly or through various strategic partnerships with specialized providers or local learning institutions, developed over time to enhance the success of its borrowers. This available, affordable capital, combined with critical financial and technical support, is a key factor and catalyst in successful community and individual development.