- Ally Charitable Foundation grant supports SNF's affordable
housing and Spark Grant programs citywide
- SNF was launched in 2016 by the City of Detroit and Invest Detroit to improve
quality of life and access to economic opportunity in 10
neighborhoods around the city.
DETROIT, Feb. 18,
2025 /PRNewswire/ -- Ally Charitable Foundation
today announced a $1 million
commitment to Detroit's Strategic
Neighborhood Fund (SNF), a partnership between the City of Detroit and Invest Detroit targeting
10 neighborhoods across the city. The grant is part of the
third phase of SNF (SNF 3.0) and aims to expand and build on the
impact of the first two phases of the program.
Ally's grant will support affordable housing development, as
well as Spark Grant programs for small businesses in all SNF
neighborhoods. The SNF grant is part of Ally's larger charitable
efforts in Detroit, which focus on
economic mobility through efforts to promote affordable housing,
financial education and workforce development.
"Affordable housing is a pressing need both locally and
nationally, and empowering small businesses through Spark Grant
programs is essential for fostering vibrant communities," said
Kathie Patterson, chair of the Ally
Charitable Foundation and chief human resources and corporate
citizenship officer at Ally. "We are committed to advancing the
progress SNF has initiated and to promoting inclusive economic
mobility for our hometown, in collaboration with the City of Detroit and Invest Detroit."
SNF is administered by Invest Detroit, a 501(c)3 organization
and community development financial institution (CDFI). For almost
three decades, Invest Detroit has catalyzed growth in Detroit by
bringing partnerships and philanthropic resources together to
support real estate and business projects that often struggle to
find traditional financing.
As part of SNF, each neighborhood goes through a year-long
planning process in partnership with residents to shape the
implementation of streetscapes, commercial corridors, and parks.
These projects are then implemented in the years that follow in all
10 SNF neighborhoods.
Work through the SNF is also designed to reduce displacement,
often in partnership with the City's Affordable Housing Leverage
Fund. Residents are engaged from the beginning of the planning
process, and the focus is on improving the quality of life in the
neighborhoods for those who already live there.
With the investment from Ally, the SNF will deepen its focus in
10 neighborhoods, spread across every council district:
- Jefferson Chalmers
- Warrendale/Cody-Rouge
- Campau/Davison/Banglatown
- East Warren/Cadieux
- Grand River Northwest
- Gratiot/7 Mile
- Russell Woods/Nardin Park
- Islandview/Greater Villages
- Southwest/Vernor
- Livernois-McNichols
"Creating more affordable housing across Detroit has been a major focus of my
administration, as well as City Council," Mayor Duggan said.
"Ally's generous support for the Strategic Neighborhood Fund will
help us accomplish that. The SNF strategy has been incredibly
effective in driving new investment into our neighborhoods and I
encourage other civic-minded companies to join Ally is supporting
this important work."
Investment in SNF neighborhoods has been substantial. Since its
inception in 2016, SNF has invested $262
million, resulting in 10 neighborhood framework plans,
78k SF of commercial space
constructed, 378 total housing units and 86 home rehabs funded, 12
park and greenway projects completed with 4 more in progress, and
12 streetscape projects. Those investments are paying off, with
data showing notable decreases in poverty and residential vacancy
in all 10 neighborhoods currently being targeted by SNF. In
addition, population has increased in six of the 10 SNF
neighborhoods.
"We are truly grateful for Ally's generous investment in SNF 3
and their continued commitment to Detroit's future," said Dave Blaszkiewicz, president and CEO of Invest
Detroit. "Their support will drive true impact—expanding quality
affordable housing, fueling small business growth, and creating
jobs across our neighborhoods. Ally's investment in Detroit will be a contributing factor in
Detroit's continued revitalization
and the collective goal of building a more equitable city with
opportunities for everyone."
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 approximately 10 million customers with deposits and
securities brokerage and investment advisory services as well as
auto financing and insurance offerings. The company also includes a
robust corporate finance business that offers capital for equity
sponsors and middle-market companies. For more information, please
visit www.ally.com.
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.
About Invest Detroit
Invest Detroit is a nonprofit
lender, investor, and partner that supports business and real
estate projects that will ignite economic growth in Detroit and support inclusive growth of
entrepreneurial ventures across the state. Our goal is to help
create a thriving city that works for all Detroiters with an
improved quality of life–inclusive housing, resourced and walkable
neighborhoods, and equal opportunities for jobs and business
growth; and scale promising early-stage ventures into thriving
companies that help support the state's economy, provide jobs to
local talent, and bolster Michigan's growing startup community. Learn
more at www.InvestDetroit.com.
MEDIA CONTACTS:
Ally Financial: Alex Moore, media@ally.com
Invest Detroit or
SNF: Craig Fahle, craig@vvkagency.com or 313-307-6658
City of Detroit: John
Roach, roachj@detroitmi.gov or 313-244-7857
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SOURCE Ally Financial
