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Fall 2015 | Issue 20

Welcome to In the Community

Community partnerships and support are needed both in the short term and long term to make a meaningful impact on communities, their residents and businesses. We’re pleased to share with you this issue of the In the Community newsletter, which highlights many of the initiatives that Chase supports in communities across the country:

In this issue, we highlight efforts that:

  • Enhance Detroit’s economy through the support of local nonprofits
  • Create and support affordable housing opportunities
  • Repurpose buildings to support the arts, cultural and creative community programs
  • Advance economic growth, innovation and job creation
  • Provide resources to small businesses to help them thrive and grow

We hope you’re inspired by these projects, and we appreciate your ongoing partnership and feedback.

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Detroit: Making Great Strides in Year One

One year ago, Chase1 committed to investing $100 million over five years to accelerate Detroit’s economy. This investment includes loans to Community Development Financial Institutions that fund new housing and small businesses as well as support workforce readiness programs, nonprofits and neighborhood stabilization efforts.

The investment also supports the collection of new data that provide insights to help guide Detroit’s recovery, including a recent analysis of the skills gap that identifies employment sectors where jobs can be filled.

We invite you to read our report about the impact of our commitment to Detroit and strides made in the first year.

Detroit Service Corps

The Detroit Service Corps brought a dozen top Chase managers from around the world to work with local nonprofits on a variety of projects, including

  • Assisting the Accounting Aid Society of Detroit to develop a five-year strategic plan to serve 50,000 clients annually
  • The development of a new accounting software system to help the Detroit Land Bank Authority track vacant land parcels
  • Supporting the Eastside Community Network’s creation of a feasibility analysis to help determine which social enterprises to pursue
  • Rebuilding a nonprofit training institute as a community resource with the Youth Development Commission

These nonprofit organizations and others provide invaluable support to the city and its residents. The Service Corps also provides services to other local organizations, including Focus: HOPE, Michigan Community Resources and Vanguard Community Development Corporation.

Eastern Market

Eastern Market Detroit since 1891 logoWith support from Chase, Eastern Market recently celebrated the completion of its $8.5 million renovation and upgrade of Shed 5, which includes a community kitchen that will contribute to Detroit’s growing food economy. The community kitchen provides a commercial-quality facility to help food entrepreneurs develop, test and produce new food offerings without having to buy or rent their own kitchen until they are financially ready.

Eastern Market has helped incubate 18 Detroit-based small businesses—12 of them are women-owned. Three additional community-owned kitchen spaces will also be established in other parts of Detroit.

Renovations completed at Eastern Market total an estimated $16 million investment from a variety of community partners, including the W.K. Kellogg Foundation, the Kresge Foundation, the New Economy Initiative, the Michigan Economic Development Corporation, the City of Detroit, the DTE Energy Foundation, Whole Foods Market and Chase.

This collaboration of community partners can become a model regionally and nationally for coming together to support a growing economy, promote community health and create a place for people to experience a city together.

Collaborating for the Creative Arts

The Community Arts Stabilization Trust has become an integral part of the Central Market Economic Strategy to enhance the creative arts community in San Francisco. Building on existing organizations and programs, it will establish a creative center for arts, cultural and additional creative organizations.

To support the creative arts, Chase made a $3.4 million New Markets Tax Credit equity investment for the acquisition and rehab of two buildings—including a former theater—that will be leased to three nonprofit community arts organizations:

  • Luggage Store Gallery—an artist-run organization that cultivates arts programming that is accessible to residents.
  • Hospitality House—a free fine arts studio and gallery that offers more than 250 community artists the materials and space to create, exhibit and sell their artwork.
  • CounterPULSE—a community center that provides professional support and subsidized space to community-based artists and programs.

San Francisco Grants for the Arts, the San Francisco Arts Commission and the Office of Economic and Workforce Development are also providing capacity-building efforts and funding for this project. Support from Chase and local partners highlights the benefits of collaboration that brings resources, opportunities and the creative arts to the community.

Commitment to Affordable Housing

Marcy Sheridan Apartments
Bronx, NY

Affordable housing is both essential and challenging to develop in high-cost housing markets such as New York City. Marcy Sheridan Apartments will provide 74 apartments, including 58 units that are affordable to those at various income levels. Several apartments will also be reserved for special needs populations, those with developmental disabilities and low-income households that earn up to 50% of the area median income, or $34,450 annually.

Responding to the need for affordable housing, Chase provided Marcy Sheridan Apartments:

  • $10 million construction loan
  • $3.5 million permanent loan

Funding support through the Low Income Housing Tax Credit program was also provided by New York State Homes and Community Renewal. Residents will also have the benefit of access to supportive services that will be provided by Services for the UnderServed in partnership with the New York City Department of Homeless Services.

Services for the UnderServed is one of New York City’s leading social service agencies that helps individuals and families faced with a wide range of challenges such as mental illness, developmental disability, physical disability, AIDS, homelessness, unemployment and poverty. This project is being developed by Dunn Development Corporation, a longtime Chase community partner, and the NYC Partnership Housing Development Fund Company, Inc.

Rendering of Marcy Sheridan Apartments.
Courtesy of SLCE Architects

Ball Park Apartments
San Francisco, CA

Community revitalization is often spurred on by a single project that serves as a catalyst for broader development. In Salt Lake City, Smith’s Ballpark—home of the Salt Lake Bees minor-league baseball team—is such a project, generating jobs, economic development and affordable housing opportunities.

Rendering of Ball Park Apartments.
Courtesy of AE Urbia, LC.

Demonstrating our commitment to affordable housing, Chase provided a $7.7 million construction loan and a $104,000 letter of credit for Ball Park Apartments, being built nearby. The development will provide 62 units of affordable housing for seniors, people with developmental disabilities and those who are formerly or chronically homeless and earn up to 50% of the area median income, or $35,500 annually.

Supportive services and social services will be provided by the Utah Independent Living Center, the Road Home and the State Division of Services for People with Disabilities.

Cypress Springs Apartments
Baton Rouge, LA

Part of a planned senior community, Cypress Springs Apartments in Baton Rouge, Louisiana, will offer 144 units of affordable housing for those earning up to 60% of the area median income, or $39,840 annually.

Chase made a $9.25 million loan to leverage support from community partners, including:

  • $250,000 from the Foundation for Louisiana
  • $4.3 million in Low Income Housing Tax Credits
  • $500,000 from the Federal Home Loan Bank’s Affordable Housing Program
  • $1.6 million in funding through the HOME Investment Partnerships Program

The Cypress Springs Apartments community is being developed by Community Development, Inc., a private nonprofit organization specializing in real estate, community development and property and construction management.

Wildberry Village
Rockford, IL

Built in 1981, Wildberry Village has provided affordable housing to the Rockford community for more than three decades. But the time had come to significantly rehabilitate the development and add a fitness and computer room.

Chase provided a $10.2 million construction loan and a $9.8 million Low Income Housing Tax Credit Investment for 72 units of affordable housing for those earning up to 60% of the area median income, or $33,540 annually.

Wildberry Village’s growing wait list also demonstrates both the attraction of the numerous upgrades and the need for affordable housing.

Wildberry Village.

Fostering Innovation through
Chase’s Small Business Forward

Small Business Forward is a five-year, $30 million commitment launched by Chase to provide small businesses with the resources they need to thrive and grow. It focuses on growth sectors such as energy, communication services and health care that are poised to create significant numbers of jobs in the coming years.

Grand Central Tech

Chase recently boosted tech startups with a $200,000 grant to Grand Central Tech, a technology accelerator that hosts innovative tech companies and supports a community of strategic advisors, mentors, corporate partners and educational institutions. This accelerator provides growing technology businesses with a rent-free year in its midtown offices and access to mentors and interns, as well as pro bono legal, tax, accounting and branding services.

Since its launch last year, Small Business Forward has supported partner organizations such as The Water Council, BioSTL, the New Jersey Innovation Institute and LA Cleantech Incubator.

Visit Small Business Forward for more information.

Transforming Ideas Into Thriving Businesses

Science  Center Logo.

To support economic growth, innovation and job creation, Chase provided a $200,000 grant to the University City Science Center, the nation’s oldest and largest research park. Funds will be used over two years to support the Center’s Port Business Incubator and related economic development initiatives.

The incubator provides opportunities for entrepreneurs, along with growing and established companies, to leverage the vast array of services, which include business incubation, programming and labs and offices.

These resources will give entrepreneurs the tools to transform budding ideas into thriving businesses. The Science Center has generated about 15,000 jobs and more than $9 billion in revenue in the Greater Philadelphia region.

Chase Instant Issue Technology

Chase has developed instant debit card replacement technology that can prevent customers from potentially going days without a debit card. Chase branches that offer instant debit card replacement can issue a new debit card or reloadable Chase Liquid card right on the spot.

This prevents customers from having to wait for delivery of a new card or from needing to make additional phone calls and allows them to continue to access their funds via debit card. Visit chase.com and use the “Advanced search” function to find a branch near you that offers instant debit card replacement.

1  Chase refers to JPMorgan Chase & Co. and any of its subsidiaries or affiliates; Low Income Housing Tax Credit Investments are provided through JPM Capital Corporation; philanthropic grants are provided through the JPMorgan Chase Foundation.

In the Community is published by JPMorgan Chase CRA Management

Helpful Tools

Nonprofit Counselor Resources

We’re here to help you support your clients and community — to learn more about how we can help nonprofit agencies like yours, check out our Nonprofit Counselor Resources or call our Nonprofit Helpline at: 1-866-345-4676.

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Quarterly newsletter that highlights the ways we are bringing all our communities together.

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