Ally Financial Will Give Nearly $1B in Affordable Housing Grants in 2023
Focusing on its hometowns of Detroit and Charlotte, N.C., the bank and its nonprofit foundation are providing funding to help shrink the wealth gap and increase economic mobility through various housing initiatives
July 21, 2023
Image: Hyejin Kang / stock.adobe.com
All-digital bank Ally Financial has 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, N.C., to support affordable housing, the company announced in a press release. Ally and its 501(c)(3) nonprofit, Ally Charitable Foundation, will help 17 organizations provide underserved communities with greater access to safe, affordable housing and help 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."
