#United States #Detroit #Ally Charitable Foundation #Detroit Neighborhood Fund #Invest Detroit

Ally Charitable Foundation Invests in Detroit's Future

The Ally Charitable Foundation has made a notable commitment to the city of Detroit by announcing a $1 million grant aimed at bolstering the Strategic Neighborhood Fund (SNF). This initiative, a collaboration between the City of Detroit and Invest Detroit, focuses on revamping ten neighborhoods throughout the city, enhancing the quality of life and accessibility to economic opportunities.

Launched in 2016, the Strategic Neighborhood Fund aims to stimulate community growth across areas that most need it. With this new infusion of funding—part of the third phase of SNF—the foundation aims to expand upon previous successes while addressing ongoing challenges such as affordable housing and small business support.

Addressing Affordable Housing Challenges

Kathie Patterson, chair of the Ally Charitable Foundation, emphasized the urgent need for affordable housing, both locally and nationally. She stated, "Empowering small businesses through our Spark Grant programs is essential for fostering vibrant communities." The grant will specifically fund affordable housing projects and assist small businesses through its Spark Grant initiatives across all ten neighborhoods.

The SNF is managed by Invest Detroit, a community development financial institution with nearly three decades of experience catalyzing growth in Detroit. Invest Detroit strives to combine resources and partnerships to support business projects that often struggle to find traditional funding avenues.

One unique aspect of the SNF is its year-long planning process that includes direct engagement with residents. This collaborative approach ensures that new development, such as streetscapes and parks, meets the community's needs and aspirations while reducing the risk of displacement in the neighborhoods.

Fostering Inclusive Economic Mobility

Mayor Mike Duggan praised Ally's contribution as a significant step in the city's ongoing efforts to develop affordable housing solutions. "Ally's generous support for the Strategic Neighborhood Fund will help us accomplish that. The SNF strategy has been incredibly effective in driving new investments into our neighborhoods," he noted, encouraging other businesses to join this cause.

Since its inception, the SNF has successfully mobilized $262 million, achieving significant milestones including:

• - 10 neighborhood framework plans developed
• - 78,000 square feet of commercial space constructed
• - 378 housing units created
• - 86 home rehabs funded
• - 12 completed park and greenway projects, with 4 more underway
• - 12 streetscape improvement projects implemented

Results show a marked decrease in poverty and vacant homes in the targeted neighborhoods, with a population increase in six of the ten areas since the SNF's establishment.

Looking Ahead

Blaszkiewicz, president and CEO of Invest Detroit, expressed gratitude for Ally’s continued support, highlighting its transformative potential in enhancing affordable housing, fueling entrepreneurship, and creating jobs across the city. He remarked, "Their investment will play a crucial role in Detroit's revitalization and our shared goal of building a more equitable city with opportunities for all residents."

As Detroit continues to embark on this journey of recovery and growth, initiatives like the SNF, strengthened by grants from organizations like the Ally Charitable Foundation, prove vital in creating sustainable and thriving communities.

For further information on this grant and its impact, or to learn more about how Ally Financial aids local communities, visit Ally's official website.

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This article highlights the collaboration between Ally Charitable Foundation and Invest Detroit, focusing on the long-term benefits of strategic community investments in affordable housing and small business development in Detroit.