CHARLOTTE (July 11, 2023). By Erik Spanberg. Read the full article in the Charlotte Business Journal.
Ally Financial has committed over $4 million to affordable housing in Charlotte, including a $1 Million to the LISC managed Charlotte Housing Opportunity Investment Fund II. Ally stated these investments reflect their dedication to improving economic mobility and addressing the ongoing issue of affordable housing. The capital will support initiatives such as preserving affordable housing complexes and providing incentives for high-quality affordable housing.
Excerpt from the article:
"Ally Financial Inc. has committed more than $4 million to preserving and adding affordable housing in Charlotte. The Charlotte Housing Opportunity Investment Fund II (CHOIF II) will receive $1 million from Ally. CHOIF II is run by LISC Fund Management with LISC Charlotte.
“It’s really impactful capital,” George Ashton, president of LISC Fund Management, told CBJ. “We can use it to strongly incentivize affordable housing, and housing that is of high quality.”
The Foundation For The Carolinas spearheaded much of the fundraising for the first Charlotte Housing Opportunity Investment Fund I, which included $5 million from Ally. That fund totaled $70 million and included land donations, equity investments and favorable financing terms.
Charlotte Housing Opportunity Investment Fund I has funded 1,459 affordable units, with 95% of those priced for people earning the area median income of 80% or less. Nearly a quarter of the units are accessible for people with income of 30% or less the area median — consistently the scarcest available housing."
Read the full article in the Charlotte Business Journal.
Learn more about CHOIF II by clicking here.