For more than 35 years, Christi Coady Narayanan witnessed firsthand the transformative work of the Opportunity Resource Fund (OppFund), as the President and CEO of the nonprofit community development financial institution. Last month, she officially retired from the CDFI focused on inspiring positive changes in housing, jobs, businesses, and equitable economic prosperity across the state.
Through its resources, innovative lending, wealth-building initiatives and economic justice advocacy, OppFund has empowered entrepreneurs, individuals, businesses and neighborhoods all over the state — one person, job, and home at a time.
Although one chapter is coming to an end, there are many things to celebrate, not only retirement, but also four decades of inspiring impact from OppFund.
As Narayanan takes some time to reminisce back on her leadership career with OppFund, the organization also hosts events across the state as part of their 40th anniversary celebration event series. Celebrations in Detroit in April, Lansing in May, Grand Rapids in June, and the
culmination grand gala event on Oct. 17 in Detroit reflect OppFund’s feelings of pride in the economic development, innovation and community transformation they’ve helped develop.
![]()
Christi Coady Narayanan retired from her position as the President and CEO of the Opportunity Resource Fund (OppFund) in June 2025. Courtesy photo.
In 1985, OppFund began as a revolving loan fund to borrow money from wealthy individuals and organizations — to pool that capital and lend it to those without access to money for affordable housing development. Over the years, the organization grew to include small business lending, and single-family mortgages in the early ‘00s.
“When nobody was originating mortgages, particularly in the City of Detroit, we took everything we owned — $1.1 million, and put it all in the mortgages in the City of Detroit, across various neighborhoods,” Narayanan says. “We’ve lent over $100 million cumulatively throughout our history, and we’ve leveraged an additional $200 million other public and private financing. We have assisted in thousands of affordable housing units and jobs throughout the state, but with a very heavy concentration in the City of Detroit.”
Today, they focus on three loan types: single-family mortgages, real estate development financing, and small business lending. Last year alone, OppFund placed over $9.5 million in new loans leveraging an additional $15 million resulting in 61 homes and 7 small businesses, according to their 2024 Impact Report.
OppFund is also a founding member of the Detroit CDFI Coalition and the Michigan CDFI Coalition, is headquartered in Lansing and has additional offices in Grand Rapids and Detroit.
Narayanan considers the partnership that arose out of the Detroit CDFI Coalition, OppFund’s work with the
Local Initiative Support Corporation (LISC) and
One Detroit Credit Union, to be great examples of their transformative work.
“LISC is the fiduciary for the
Detroit 0% Interest Home Repair Loan Program, and One Detroit Credit Union and OppFund are both originating CDFI lenders to originate those single-family home improvement loans to individuals in the City of Detroit,” Narayanan says. “The OppFund has lent approximately $7 million in that program, so that has been a hugely impactful program that we’re really proud of and happy to continue.”
Launched in 2015, this zero interest program offers 10-year, interest-free loans ranging in $5,000 to $25,000 for home repairs. These lead, mold and asbestos, kitchen or bathroom, electrical, furnace, roof, plumbing and structural repairs can help promote public health, safety, increase property values, and help residents secure and maintain homeowner’s insurance.
Another OppFund project that Narayanan is particularly proud of is to fund small businesses in the City of Detroit, particularly with minority contractors in the Motor City.
“We’re one of the inaugural partners of the
Motor City Contractor Fund, which also involves Invest Detroit, and helps to coalesce around lending to contractors who are just getting a start,” Narayanan says.
This initiative offers tools for contractor businesses to help competitively bid, complete demolition, rehabilitation, and new construction projects.
While retirements and anniversaries tend to prompt a pause, allowing time to revisit the past, they can also inspire excitement and drive for the future too. On June 23, the torch of transformative leadership was passed to Byna Elliott, the new CEO of OppFund. Elliott brings more than 30 years experience in banking, working closely with the CDFI industry, both locally and nationally.
![]()
The new President and CEO of OppFund is Byna Elliott, who has two decades of experience in banking and a knowledge of the CDFI industry.
“OppFund was one of my original partners when I first started banking 20+ years ago, so I’ve had a chance to have a front-row seat through their growth and expansion,” Elliott says. “I’ve always admired the organization, its mission, purpose, and impact they’ve had in the state of Michigan and the regions.”
Elliott credits Narayanan’s vision and leadership in providing access to capital and small dollar loans when no one else was lending in the City of Detroit. At a time when other lenders and individuals had identified Detroit as an undesirable market, it was OppFund that was part of a catalyst of the renaissance of Detroit neighborhoods.
Looking back at those moments and milestones is touching for Narayanan, too.
“OppFund is quite often the first lender or the last lender to make a project happen,” she says. “Some of the stories that make me the most proud are the small individual mortgages that we’ve originated to many first-time homebuyers and in many cases, first-generation home owners.”
![]()
OppFund celebrated its 40th anniversary with a series of events, honoring their accomplishments. Courtesy photo.
Through their Fresh Opportunity Mortgage program, OppFund acts not as a traditional credit score lender, but a character lender — looking at the whole picture. Whether it’s from a divorce or medical bills, bankruptcy can set individuals back — making it seem as though the dream of owning a home is just that. When other traditional financial institutions and mortgage companies say a credit score is too low, OppFund is able to say yes.
“We also provide wraparound technical support services with our partners, and we’re able to make sure they’re successful,” Narayanan says. “Over time, their family begins to build generational wealth and their credit score begins to improve. Those stories are what I consider the successes within the single-family lending side.”
Looking ahead, Elliott is excited to see OppFund’s mission into the future, to make sure the organization grows even stronger through her leadership.
“Christi has provided me with a really great organization that has 40 years of rich history of lending and investing in individuals, small businesses and communities to help them be anchors in communities — and making a difference,” Elliott says. “Along with the incredible OppFund staff, she’s been able to have a tremendous impact in making people’s dreams come true.”
Witnessing the unwavering commitment and resilience of OppFund, confidence in partners and investors, led Elliott to feel confident in this next step for her career. Seeing the innovation and creative ways the CDFI has leveraged to carry out its mission year after year has been inspiring.
“We’ve got a great track record to partner, grow, and continue to expand our offering of products, services, and our reach throughout the state of Michigan,” Elliott says.
Retirement can be a bittersweet moment, but for Narayanan, she is at peace with the decision, knowing the organization is in good hands from here on out.
![]()
Former President and CEO Christi Coady Narayanan speaks at one of Opp Fund's anniversary events. Courtesy photo.
“Byna is the reason I can retire with a happy heart,” she says. “I have known Byna for a while, and know she is mission-driven, all about community, understands the CDFI purpose, mission, our network, and I love the way she treats people. I can retire knowing she will continue OppFund’s mission, legacy, and take care to steward the dollars that are invested in us. I know she’ll take care of the OppFund team, a very committed group of individuals who are highly-specialized, but also highly-committed.”