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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 30 August 2023 I N D U S T R Y U P D A T E to welcome a new team that will focus on developing innovative solutions and services to provide our clients with the best possible risk management options." More details about hiring for the Chen- nai hub will be announced later this year. "As a leader in data and analytics for loans and structured finance solutions, RiskSpan is dedicated to meeting the needs of our customers wherever they are located," RiskSpan CEO Bernadette Kogler said. "We are excited about expanding our investment in the Chennai office, which will allow us to better serve our customers and help them achieve their objectives." ALLY FINANCIAL COMMITS NEARLY $1 BILLION TO HOUSING INITIATIVES A lly Financial Inc, the nation's largest all-digital bank, 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 to support affordable housing initiatives. Ally and the Ally Charitable Foundation will help 17 organizations across its hometowns provide underserved communities greater access to safe and affordable housing and 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." To help increase access to affordable housing, the Ally Charitable Foundation made a $3 million equity investment in Housing Impact Fund II to acquire existing affordable housing properties in Mecklen- burg County, North Carolina, which are also known as "NOAH" or naturally occurring af- fordable housing. HIF II renovates and adds deed restrictions to safeguard these proper- ties as affordable havens for households with incomes ranging between less than 30% and 80% of the area median income. The Ally Charitable Foundation is also investing $1 million in Charlotte Housing Opportunity Investment Fund II, managed by Local Initiatives Support Corporation (LISC) Fund Management in partnership with LISC Charlotte. The fund aims to lessen the growing affordability gap by investing in housing developments that serve residents in a range of incomes—including moderate, low, and extremely low-earning households. This builds on Ally's investment in the first Charlotte Housing Opportunity Investment Fund, which was part of a combined $70 mil- lion in land donations, grants, and reduced lending for developers. To date, CHOIF has supported almost 1,500 affordable homes (units) and 95% of these units are affordable for individuals or families earning 80% of the Area Median Income (AMI) or lower with 24% of these units at or below 30% AMI. As part of a broader almost $2.2 million grant deployment across 84 organizations in Detroit and Charlotte in 2023, the Ally Charitable Foundation committed $440,000 in grants to 14 nonprofit organizations for af- fordable housing initiatives. Of the $440,000 investment in affordable housing initia- tives, $100,000 will go to four local Detroit organizations and $240,000 will support nine local Charlotte organizations. Rebuilding Together, a leading national nonprofit in safe and healthy housing will receive $100,000 to support its efforts in Detroit and Charlotte. "There are so many people in our own backyards who don't have the resources to maintain a healthy home, particularly after a natural disaster," said Chris Perry, VP of De- velopment at Rebuilding Together. "We focus on the most vulnerable who need essential home repairs. Ally Charitable Foundation's grant will empower us to drive transformative change, ensuring safe homes for everyone we serve." The full list of nonprofits receiving affordable housing grants in Charlotte, includes: » Charlotte Family Housing—Support for working families experiencing homeless- ness » Crisis Assistance Ministry—Provides stability services for families in crisis (rent and utility aid, financial coaching, clothes) » Freedom Fighting Missionaries—Offers community support and advocacy for for- merly incarcerated and criminal justice-in- volved individuals » Roof Above—Provides affordable housing options to end homelessness » Supportive Housing Communities—Of- fers permanent supportive housing and supportive services to unstably housed people » The Harvest Center—A transitional hous- ing program for homeless individuals and families » The Relatives—Guides youth in crisis to safety, stability, and independence » The Salvation Army—Offers emergency shelters for women, children and families » United Way of Greater Charlotte—Sup- ports communities through place-based philanthropy The full list of nonprofits receiving af- fordable housing grants in Detroit, includes: » Covenant House Michigan—Uncondition- al love, respect, and relentless support for young adults experiencing homelessness » Pope Francis Center—Provides vital services and housing advocacy to people experiencing homelessness » United Community Housing Coalition— Helping low-income Detroiters prevent eviction and foreclosure » Vista Maria—Advocates for vulnerable youth and human trafficking survivors through restorative mental health treat- ment and transitional living programming In addition to efforts taking place across Ally's hometowns, SoLa Impact, through its affiliated nonprofit, the SoLa Founda- tion, and with support from Ally as the title sponsor, is launching "Pathways to Home- ownership." Pathways is a financial educa- tion, empowerment, and savings program designed to encourage renters to become homeowners. In addition, the program promotes economic mobility by providing low and moderate-income (LMI) households in South LA the tools to build generational wealth. SoLa Impact will use a combination of rent-forgiveness and savings match to help LMI Black, Hispanic, and Latino renters accumulate meaningful savings for a down payment. Working closely with Ally, Path- way's goal is to use financial tools, incentives, and workshops to help participants purchase