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Dan Gilbert pledges $1 billion to redevelop Detroit's Renaissance Center. Dan Gilbert, co-founder of Rocket Mortgage, says he will contribute $1 billion to redevelop Detroit's Renaissance Center. * By ALEX DANIELS of The Chronicle of Philanthropy - Chronicle of Philanthropy * Oct 21, 2026 Dan Gilbert, the billionaire co-founder of Rocket Mortgage, says he will contribute $1 billion to the redevelopment of the Renaissance Center in Detroit, a set of skyscrapers that formerly housed the headquarters of General Motors. Set along the Detroit River, the center was hailed as a major success in revitalizing the city after riots in the late 1960s, but in recent years it has become almost entirely vacant and fallen into disrepair. By creating a nonprofit to manage his blockbuster $1 billion commitment, Gilbert says he is sending a signal to city residents that he is not in it for the money. The total cost of the project might reach $2.2 billion and includes investments from General Motors. "We all share the goals of bringing new life to the Renaissance Center, of building a thriving riverfront district for all to enjoy, and of maximizing positive community impact," Gilbert said in a statement. "I cannot think of a better way to accomplish these goals than through a nonprofit organization dedicated to this mission in perpetuity." According to Gilbert's statement, the new organization will be a 501(c)(4) nonprofit, which can engage in unlimited lobbying. Donations to such organizations are not tax-deductible. Gilbert did not return requests for comment. Jamaine Dickens, chair of the city Neighborhood Advisory Council for the section of the city where the Renaissance Center is located, said the project could generate 8,000 local construction jobs. It would also make the riverfront a more inviting place, he said. "Detroit is one of the most segregated communities in America, but that riverfront is where everyone comes together and enjoys it all at the same time, despite age, despite gender, despite race," he said. Nonprofit structure can lead to public good. Gilbert's announcement is the latest in a string of commitments to Detroit from the Rocket Mortgage founder and one of many large-scale investments by philanthropy into the city's future. In 2013, a group of foundations put a combined $816 million into a plan known as the "grand bargain," which allowed the city to fulfill its pension obligations and fend off bankruptcy without selling art treasures from the Detroit Institute of Arts. Last year, when the Kresge Foundation announced it would relocate its headquarters to Detroit from its longtime home in the suburbs, it committed nearly $200 million to development projects in the northwest region of the city. Rip Rapson, Kresge's president and a key player in the grand bargain, hailed Gilbert's announcement in an email, saying it was a "powerful reminder" of the important role foundations can play in democratizing public spaces, making them useful and accessible to all of the city's residents and visitors alike. It would transform the riverfront area from being "less than inviting at best, and forbidding at worst" to a destination point. By making the investment through a nonprofit, Rapson said, Gilbert was sending a positive message. Rapson told a gathering of Kresge staff the day of Gilbert's announcement that the details would need to be examined, but he thought that "the creation of what will, in effect, be a form of conservancy, strikes me as a move genuinely aimed at ensuring... that civic engagement will be a priority in the project's design and operations." Some advocates question use of tax incentives. Developers often argue that new construction creates jobs and adds to city revenue to build parks and provide other public services. But, historically, major development projects in Detroit, like those in most major cities, have come under fire because of tax incentives local jurisdictions give to developers. According to a 2024 report from Detroit Action, a progressive nonprofit advocacy group, the city lost almost $750 million in tax revenue because of tax abatements and other favorable tax treatment given to corporate developers. Detroit Action, which did not return calls for comment, was skeptical in its report. "For these benefits to materialize, the City must prioritize its residents' needs first," the report states. "Deficiencies in critical areas like housing, education, and transportation prevent working class Detroiters from fully benefiting from the jobs and amenities development brings." The Renaissance Center project has received $75 million from the Detroit Downtown Development Authority, which will be reimbursed, and is seeking more than $300 million in other tax benefits. Dickens, of the neighborhood advisory group, said that any slim revenue that comes in after covering operational expenses and debt would be directed right back into the project, rather than adding to Gilbert's fortune. The traditional narrative used by opponents of tax breaks for building is, "We don't want tax incentives to make a billionaire richer," Dickens said. "Dan Gilbert would erase that narrative for this project by saying this is not a profit-making venture, this is an impact-making venture," Dickens said. "He's saying 'I'm not in this for the money I'm in this for the impact.'" Alex Daniels is a senior reporter at the Chronicle of Philanthropy, where you can read the full article. This article was provided to The Associated Press by the Chronicle of Philanthropy as part of a partnership to cover philanthropy and nonprofits supported by the Lilly Endowment. The Chronicle is solely responsible for the content. For all of AP's philanthropy coverage, visit https://apnews.com/hub/philanthropy.

Fair Isaac tanks after government snaps FICO score monopoly for mortgage pricing. Shares of Fair Isaac, the company behind the FICO credit rating, tanked on Tuesday after government officials indicated it would no longer be the sole score used to determine mortgage pricing. Fair Isaac (FICO) stock sank about 18% on the news, according to MarketSurge. How To Use Average True Range (ATR) In A Dangerous Market Environment IBD Senior Market Strategist Mike Webster walks investors through how to use the 21-day ATR in a dangerous market environment. How To Use Average True Range (ATR) In A Dangerous Market Environment See All Videos Director of Federal Housing Bill Pulte announced the changes after the close on Monday. The new policy aims to simplify mortgage pricing by creating a single pricing grid for the Federal National Mortgage Association, known as Fannie Mae (FNMA), and the Federal Home Loan Mortgage Corporation, or Freddie Mac (FMCC). The two massive government sponsored enterprises determine liquidity in the mortgage market by buying mortgages from banks, then off-loading them as bundled mortgage-based securities. What hit FICO's shares the hardest was the news that Fannie Mae and Freddie Mac would now also include FICO competitor VantageScore in determining the costs of getting a mortgage. VantageScore is a joint venture between three credit rating agencies Equifax (EFX), Experian (EXPGY) and TransUnion (TRU). Earlier versions of the mortgage pricing grid that separated Fannie Mae and Freddie Mac rates made "zero sense," Pulte wrote on X. The news comes as mortgage rates skyrocket to around 7.5% because of record-high 10-year Treasury yields. As a result, the housing market is in a self-imposed freeze because buyers are holding out for lower rates. Also on Monday, the online mortgage lender Rocket Mortgage (RKT) became the first lender to announce it was shifting to VantageScore as its preferred credit scoring model. IBD newsletters. Get exclusive IBD analysis and actionable news daily. "The mortgage industry has relied on one credit scoring model for decades," said Rocket Mortgage CEO Jay Bray. "Competition is healthy, especially when it can lower costs and expand responsible access to homeownership. We did the work, compared the models and chose the one that helped more qualified clients." Pulte hailed the move as "seismic," in an X post on Monday evening. A bloodbath for mortgage stocks. It has been a brutal year for mortgage stocks. With mortgage rates high and edging higher, the housing market is in a rut. Homeowners are struggling to sell and wary of giving up a lower mortgage rate for a higher one. Meanwhile, first-time homebuyers are put off by such high interest rates. With 10-year Treasury yields climbing to nearly 20-year highs, there is no clear relief in sight. Shares of Freddie Mac and Fannie Mae are both down about 60% this year, according to MarketSurge. Fair Isaac declined about 50%. Rocket Mortgage fared slightly better, with a 40% drop.

Rocket Mortgage has launched a "Moving Squad" programme to help brokers switch from rival United Wholesale Mortgage (UWM), offering a $10,000 bonus to existing partners who refer UWM brokers. The initiative, unveiled at a Detroit event, provides transitioning brokers with dedicated support including a director of growth and crew leader. Austin Niemiec, Rocket's chief revenue officer, said more brokers left UWM for Rocket in the past 90 days than in the previous 12 months combined. He criticised UWM's "All-In" policy requiring brokers to choose between lenders. UWM responded that the programme relies on cash incentives rather than technology and service, noting it has been the number one wholesale lender for 11 consecutive years with over 12,000 brokers.