Grants and investments support affordable housing and
homeownership in Detroit,
Charlotte and beyond
DETROIT, July 11,
2023 /PRNewswire/ -- Ally Financial Inc. (NYSE:
ALLY), the nation's largest all-digital bank, today announced
nearly $1 billion in giving and
capital deployment in 2023 to address the wealth gap and barriers
to economic mobility through housing initiatives. More than
$4 million in grants and investments
will be deployed in Ally's hometowns of Detroit and Charlotte to support affordable housing
initiatives. Ally and the Ally Charitable Foundation will help 17
organizations across its hometowns provide underserved communities
greater access to safe and affordable housing and create pathways
to homeownership.
"Everyone deserves a safe place to live – yet home affordability
is at its lowest point in history," said Ali Summerville, business administration
executive at Ally and board chair of the Ally Charitable
Foundation. "It's important we show up as an ally and support
affordable housing and homeownership initiatives that create
lasting, positive impact where we work, live and serve."
To help increase access to affordable housing, the Ally
Charitable Foundation made a $3
million equity investment in Housing Impact Fund II to
acquire existing affordable housing properties in Mecklenburg County, N.C., which are also known
as "NOAH" or naturally occurring affordable housing. HIF II
renovates and adds deed restrictions to safeguard these properties
as affordable havens to households with incomes ranging between
less than 30% and 80% of area median income.
The Ally Charitable Foundation is also investing $1 million in Charlotte Housing Opportunity
Investment Fund II, managed by Local Initiatives Support
Corporation (LISC) Fund Management in partnership with LISC
Charlotte. The fund aims to lessen the growing affordability gap by
investing in housing developments that serve residents in a range
of incomes – including moderate, low and extremely low-earning
households. This builds on Ally's investment in the first Charlotte
Housing Opportunity Investment Fund, which was part of a combined
$70 million in land donations, grants
and reduced lending for developers. To date, CHOIF has supported
almost 1,500 affordable homes (units) and 95% of these units are
affordable for individuals or families earning 80% the Area Median
Income (AMI) or lower with 24% of these units at or below 30%
AMI.
As part of a broader almost $2.2
million grant deployment across 84 organizations in
Detroit and Charlotte in 2023, the Ally Charitable
Foundation committed $440,000 in
grants to 14 nonprofit organizations for affordable housing
initiatives. Of the $440,000
investment in affordable housing initiatives, $100,000 will go to four local Detroit organizations and $240,000 will support nine local Charlotte organizations. Rebuilding Together,
a leading national nonprofit in safe and healthy housing will
receive $100,000 to support its
efforts in Detroit and
Charlotte.
"There are so many people in our own backyards who don't have
the resources to maintain a healthy home, particularly after a
natural disaster," said Chris Perry,
vice president of development at Rebuilding Together. "We focus on
the most vulnerable who need essential home repairs. Ally
Charitable Foundation's grant will empower us to drive
transformative change, ensuring safe homes for everyone we
serve."
The full list of nonprofits receiving affordable
housing grants in Charlotte, N.C.,
includes:
- Charlotte Family Housing – Support for working families
experiencing homelessness
- Crisis Assistance Ministry – Provides stability services
for families in crisis (rent and utility aid, financial coaching,
clothes)
- Freedom Fighting Missionaries – Offers community support
and advocacy for formerly incarcerated and criminal
justice-involved individuals
- Roof Above – Provides affordable housing options to end
homelessness
- Supportive Housing Communities – Offers permanent
supportive housing and supportive services to unstably housed
people
- The Harvest Center – A transitional housing program for
homeless individuals and families
- The Relatives – Guides youth in crisis to safety,
stability and independence
- The Salvation Army – Offers emergency shelters for women,
children and families
- United Way of Greater
Charlotte – Supports communities through place-based
philanthropy
The full list of nonprofits receiving affordable
housing grants in Detroit, Mich.,
includes:
- Covenant House Michigan – Unconditional love, respect and
relentless support for young adults experiencing homelessness
- Pope Francis Center – Provides vital services and housing
advocacy to people experiencing homelessness
- United Community Housing Coalition – Helping low-income
Detroiters prevent eviction and foreclosure
- Vista Maria – Advocates for vulnerable youth and human
trafficking survivors through restorative mental health treatment
and transitional living programming
In addition to efforts taking place across Ally's hometowns,
SoLa Impact, through its affiliated non-profit, the SoLa
Foundation, and with support from Ally as the title sponsor, is
launching "Pathways to Homeownership." Pathways is a financial
education, empowerment and savings program designed to encourage
renters to become home-owners. In addition, the program
promotes economic mobility by providing low and moderate-income
(LMI) households in South LA the tools to build generational
wealth. SoLa Impact will use a combination of rent-forgiveness and
savings match to help LMI Black, Hispanic, and Latino renters
accumulate meaningful savings for a down payment. Working closely
with Ally, Pathway's goal is to use financial tools, incentives,
and workshops to help participants purchase a new home after
completing the multi-year program. Ally's initial $50,000 grant, which went toward building the
program expands on its $25 million
investment in SoLa's Black Impact OZ Fund, a fund administered by
SoLa Impact, a leading Black-led developer of affordable and
workforce housing.
Ally Bank's Community
Reinvestment Act (CRA) efforts deploy approximately $1 billion in loans and investments annually
around affordable housing. These activities include loans to
intermediaries and equity investments in projects funded under the
federal low-income housing tax credit (LIHTC) program. Ally
recently invested $15 million in
Enterprise's Equitable Upward Mobility Fund, a $190 million fund designed specifically to
support economic mobility with a focus on racial equity. Many of
these projects span outside of Ally's hometowns and into areas such
as Utah, Arizona, California, Colorado, Idaho, Montana, New
Mexico, Nevada,
Oregon, Washington and Wyoming.
These initiatives complement Ally's existing relationships with
organizations focused on homeownership like Homewise and ROC
USA Capital, and nonprofits
like Habitat for Humanity. Ally's giving strategy supports
affordable housing, financial education and workforce development
to address the wealth gap and barriers to economic mobility.
About Ally Charitable Foundation
Ally Charitable
Foundation is a 501(c)(3) nonprofit chartered in the state of North
Carolina. Established in 2020, the Ally Charitable Foundation is
focused on supporting economic mobility, combating systemic racism,
and supporting its employees and communities in times of crisis.
For more information on the Ally Charitable Foundation, visit
www.ally.com/about/social-impact/grants.
About Ally Financial
Ally Financial Inc. (NYSE: ALLY) is a financial services company
with the nation's largest all-digital bank and an industry-leading
auto financing business, driven by a mission to "Do It Right" and
be a relentless ally for customers and communities. The company
serves more than 11 million customers through a full range of
online banking services (including deposits, mortgage,
point-of-sale personal lending, and credit card products) and
securities brokerage and investment advisory services. The company
also includes a robust corporate finance business that offers
capital for equity sponsors and middle-market companies, as well as
auto financing and insurance offerings. For more information,
please visit www.ally.com and follow @allyfinancial.
For more information and disclosures about Ally, visit
https://www.ally.com/#disclosures.
For further images and news on Ally, please visit
http://media.ally.com.
Contacts
Alex Moore
Ally Communications
Alex.Moore@ally.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/empowering-communities-ally-commits-nearly-1-billion-to-housing-initiatives-301873040.html
SOURCE Ally Financial