Ally Financial Inc. has committed more than $4 million to preserving and adding affordable housing in Charlotte, with an additional $2.2 million in grants going to 84 nonprofits in both Charlotte and Detroit this year for a range of philanthropic investments that also include housing.
Ali Summerville, board chair of the bank’s charitable foundation, which is making the investments and donations, told CBJ that the latest pledges reflect an ongoing dedication to improving economic mobility here and across the country.
“Affordable housing continues to be a major issue in Charlotte and most of the markets that we’re in,” she said. “It’s one of the topics we are committed to as one of our pillars in supporting economic mobility through our foundation. … Housing sustainability continues to be an issue, so we need to continue to contribute and make sure it stays top of mind.”
Ally emphasizes giving in Charlotte and Detroit because those are the bank’s top two business centers. Detroit houses Ally’s corporate headquarters. Charlotte is viewed as almost a co-headquarters city because this is the bank’s largest employment center and it is also home to top executives, including CEO Jeffrey Brown, whose office is here.
The largest investment in Charlotte in the latest round of Ally’s philanthropic pledges is $3 million to the Housing Impact Fund II, a private-sector fund dedicated to preserving affordable housing in the area by buying older apartment complexes, renovating them and establishing deed restrictions to stabilize rents. Housing advocates refer to such preservation campaigns as naturally occurring affordable housing, or NOAH.
NOAH and affordable-housing projects target residents making 30% or less of the area median income (currently $19,800 for one person or $28,250 for a family of four) and up to 80% ($52,750 for one person or $75,350 for a family of four).
Ally’s grants totaling $2.2 million in Charlotte and Detroit include a combined $440,000 for affordable housing in the two cities. The split is $240,000 to nine Charlotte nonprofits and $100,000 to four in Detroit, as well as $100,000 to home repair nonprofit Rebuilding Together for work in both cities.
The nine local agencies receiving grants are Charlotte Family Housing; Crisis Assistance Ministry; Freedom Fighting Missionaries; Roof Above; Supportive Housing Communities; The Harvest Center; The Relatives; The Salvation Army; and United Way of Greater Charlotte.
According to the 2022 State of Housing Instability & Homelessness Report, released by Mecklenburg County in February, the county needs 27,000 more affordable units for people earning 30% of the area median income or less. The Charlotte metro area has an affordable-unit deficit of 45,000 for that income level.
Read more in the Charlotte Business Journal.
