helping potential borrowers learn how to invest in their communities. At the heart of the CCCI is the Dfree program, which stresses the importance of abandoning the gen- erational curses of debt, deficit, and delinquency in favor of the hallmarks of generational wealth: deposits, dividends, and deeds. Dfree was developed by Dr. DeForest B. Soaries Jr., CCCI president and CEO. During the 20th century, the African American community was stripped of property worth more than the market capitalizations of AT&T, Boeing, and Intel combined. That wealth is gone forever, but Black Americans aren’t waiting around for the government or big business to come to the rescue. Instead, they’re taking their future financial well-being into their own hands. At the same time, local initiatives undertaken by individuals can benefit from bridges and connections, which is why partnerships like the one between Kiavi and CCCI are so crucial to supporting these budding investors in underserved communities. As Soaries Jr. once said, “We live in a diverse country, but we live in our own pockets. To the extent that we can build bridges between resources in need, we can really make an impact on some of the hor- rible conditions that have persisted through generations.” • Arvind Mohan is the CEO and a board member at Kiavi. He has more than 15 years of experience in residential real estate and investment banking. Before joining Kiavi, Mohan was a director in the fixed-in- come division at Barclays. Mohan holds a B.S. and M.S. in computer engineering from Carnegie Mellon University. He recently purchased his first investment property (a small fixer-upper) and learned firsthand the difficulties real estate investors face. At Kiavi, he is excited to combine his background and experience to help scale our technology platform to serve the needs of our customers.
platforms are creating a new way to circumvent the traditional bank loan system that failed their parents and grandparents. By eliminating many of the barriers created by traditional lenders (e.g., restrictions on eligible income or on borrowers with less than perfect credit) and focusing more on the potential of the invest- ment property than the wherewithal of the borrower, these online lenders can fund prospective investors who might otherwise be unable to access the capital they need to launch and grow their investing businesses. Kiavi is one such lender using technology to democratize access to real estate investing. Last year, its unique approach to underwriting caught the attention of Corporate Community Connections, Inc. (CCCI). The two organizations have since formed a partnership. CCCI teaches companies and government agencies to engage with underserved communities in a way that’s mutu- ally beneficial. CCCI promotes revitalization with- out gentrification and dislocation,
neighborhoods. Yet many Black lead - ers remain understandably skeptical. When large companies, institu- tional investors, or the government take over and create housing, it often ends up being unattainable for folks within the community. Even if hous - ing developed by the government or an institutional investor succeeds in revitalizing a neighborhood without displacing its residents, rent flowing to a company based in another city or state will not be reinvested into that local community. But when an individual investor acquires, improves, and manages a rental property in their own neighborhood, they hire local contractors, use local services, and spend their income at the grocery stores, restaurants, and local businesses that employ their neighbors.
EMPOWERING AFRICAN AMERICAN INVESTORS
Today, more Black businesspeople are investing in real estate, and in- novative, technology-enabled lending
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