Friday, October 21, 2016

JPMorgan Chase Commits $20 Million to Revitalize Neighborhoods in Five U.S. Cities

Collaborative partnerships in Detroit, Atlanta, Chicago, Miami, and New York to develop solutions for distressed neighborhoods

October 19, 2016 (Detroit, MI) – JPMorgan Chase & Co. today announced $20 million for five community development organizations working to create economic opportunity in disadvantaged neighborhoods. As part of the firm’s $125 million, five-year PRO Neighborhoods initiative, these five collaborative partnerships will revitalize neighborhoods in their respective cities that have been left behind by the recovery.

“The 2016 PRO Neighborhoods winners have come to the table with very exciting partnerships that aim to draw the urban renaissance and prosperity they are experiencing in their cities into the deeply distressed neighborhoods where they are working” said Janis Bowdler, Head of Community Development for Global Philanthropy, JPMorgan Chase. “We are proud of the innovative approaches this cohort is taking to delivering capital to entrepreneurs of color, diverse neighborhoods, and urban food deserts.  Each is using a data-driven approach that will create opportunities for more people to share in the prosperity of the local economies of their hometowns of Detroit, Atlanta, Chicago, Miami and New York.”

PRO Neighborhoods provides the necessary capital to local community development financial institutions (CDFIs) to address the drivers of economic opportunity in neighborhoods. These CDFIs work together to pool resources and expand lending activities for building health and education facilities, open retail centers and support community services in area neighborhoods. The first grant recipients of this new initiative include:
  • Detroit Strategic Neighborhoods Initiative Collaborative (Detroit, MI) - $5 Million.
  This alliance will combine new loan capital and unique programs with existing funding capacity to provide economic development in the three targeted neighborhoods in Detroit. The focus on helping distressed neighborhoods is informed by and builds upon JPMorgan Chase’s $100 million, five-year commitment to the city’s economic recovery.

“This announcement from JPMorgan Chase is another example of its deep commitment to Detroit and revitalizing its neighborhoods,” said Mayor Mike Duggan. “Thanks to this funding, we are going to start seeing new small businesses open, existing businesses expand and new residential developments take place in several key areas of the city. This fits in perfectly with our strategy to revitalize our neighborhoods.”

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