JPMorgan Chase Announces New Investments in Affordable Housing
The banking company is moving forward with its $100 million commitment to help accelerate Detroit’s economic growth.
By Alexandra Pacurar, Associate Editor
JP Morgan Chase Tower, Houston
Detroit—JPMorgan Chase & Co. is set to continue its commitment to Detroit’s recovery efforts.
Two years after launching its $100 million commitment in the city’s comeback—which includes a $6 million loan toward the renovation of Rainer Court Apartments—, the financial giant will invest another $4 million over the next four years in order to preserve existing affordable housing units and build new mixed-use housing projects in targeted neighborhoods. The funds will go to Develop Detroit, the first citywide neighborhood-focused nonprofit housing development firm, which will manage the projects.
The first stage of the program involves investments in 400 housing units in Marygrove, North New Center, Eastside Detroit and West Midtown. “Their monetary investment was essential in our start-up trajectory–but as important, JPMorgan Chase has layered our investment into an entire ecosystem of support that spans not just housing stabilization, but small business incubation and workforce development. It is this type of multi-faceted, yet targeted approach that we believe will be truly catalytic for Detroit neighborhoods,” said Sonya Mays, CEO of Develop Detroit.
JPMorgan Chase will also direct an extra $1.5 million towards job trainings and summer youth employment, and other initiatives meant to encourage small business growth.
The partnership with Develop Detroit is not the only initiative targeting affordable housing in Detroit’s neighborhoods funded by JPMorgan Chase. The Home Restoration Program, created after the banking company granted Liberty Bank $5 million, aims to extend affordable rehabilitation loans to qualified homebuyers in Detroit’s neighborhoods. The initiative is currently expanding its down payment assistance program for low-and moderate-income participants, up to $15,000 per household.
In 2014, JPMorgan Chase pledged to invest $100 million, in the following five years, in efforts meant to support the economic rebirth of Detroit. Half of this amount is aimed at financing multifamily housing in the city.
Image via Wikimedia
