Organizations Filed Purposes:
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.
Promotes affordable home and small business ownership to benefit and strengthen MI Communities.
OppFund's history of successful lending spans more than 35 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 $50.7 million providing 406 real estate development, 104 small business, 11 consumer, and 341 homeownership loans. These loans have leveraged more than $187 million from public and private investments helping to create or maintain 2,896 units of affordable housing, 1,011 jobs, 406 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 589,270 square feet of primarily commercial space has been developed. OppFund loans empower people throughout the state of Michigan.
OppFund relies upon its Board-approved Strategic Plan in its continuing quest to act as a catalyst for change to benefit and strengthen Michigan communities. The Strategic Plan includes lending goals to increase 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. Further, in response to the growing need to reverse racial discrimination, OppFund will concentrate our efforts in 2021 on reaching individuals and communities consistently failed by mainstream finance.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Christine Coady Narayanan | President/CEO | 40 | $161,951 |
| Timothy Strasz | VP of Lending | 40 | $131,016 |
| Kevin Fitzgerald | VP of Finance/CFO | 40 | $130,520 |
| Robert K Hunt | Board Chair | 2 | $0 |
| Amy Hovey | Vice Chair | 2 | $0 |
| Sheilah P Clay | Secretary | 2 | $0 |
| Sister Margaret Alandt Ihm | Treasurer | 2 | $0 |
| Marc Craig | Trustee | 2 | $0 |
| Curtis Smith | Trustee | 2 | $0 |
| Sarah Lucas Ended 051319 | Trustee | 2 | $0 |
| Anthony Spokojny | Trustee | 2 | $0 |
| Tarik Bazzy | Trustee | 2 | $0 |
| Thomas H Seabron | Trustee | 2 | $0 |
| Edwin R Harlin Ended 053119 | Trustee | 2 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202043189349301944_public.xml