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Fall 2016 | Issue 23

Welcome to In the Community

Shifting community needs can create challenges, but also produce opportunities for innovation. Chase responds to these needs by collaborating and leveraging resources through strategic partnerships.

Chase supports many initiatives that provide tools for success in communities across the country. We've highlighted them in this latest edition of the In the Community newsletter:

  • Innovative solutions that help people prepare for – and weather – financial shocks through technology at the Financial Solutions Lab
  • Equity and debt funding for additional transportation resources to increase mobility and access to healthcare, education, employment and healthy food for those who are at-risk or geographically isolated
  • Financing to help create rental and homeownership opportunities that are affordable to those with low and moderate incomes
  • Education through tennis and fun opportunities for youth to learn in partnership with the Return the Serve program

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

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Innovating Tools to Help Achieve Financial Stability

Collage for Financial Solutions Lab.

The latest FinLab winners were selected from a pool of over 300 applicants from across the country that participated in a live pitch-off in New Orleans at the annual EMERGE Conference. The conference put on by the Center for Financial Services Innovation and Source Media gathers banks, credit unions, FinTech innovators and other financial services providers to generate ideas around the new era of financial services.

Unexpected financial emergencies can come from any angle and at any time, putting consumers in a difficult position. Innovation through technology provides an opportunity to address this issue and increase access to tools that help manage financial shocks that negatively impact households, communities and the economy.

To help address these emergencies, in 2014 Chase launched the Financial Solutions Lab (FinLab), a $30 million, five-year initiative managed by the Center for Financial Services Innovation to help people increase savings, improve credit, build assets and, ultimately, achieve financial stability. The initiative is competition-based and winners are selected by judges that review their ability to improve consumers’ financial health.

FinLab announced nine financial services innovators as the winners of this year’s competition. Each winner will receive $250,000 and additional resources to test, enhance and scale the availability of their products and services.

As a founding partner, Chase also uses the expertise of its employees to help advise FinLab winners on how to improve their products and make financial health a reality for more communities.

FinLab’s first year winners focused on solutions that help consumers manage cash flow and have raised nearly $90 million in funding and acquisition deals since being selected. The winners included Ascend Consumer Finance, Digit, Even, LendStreet, PayGoal by Neighborhood Trust, Prism, Propel, Puddle and SupportPay.

Learn more about our work with the Financial Solutions Lab.

Meet the Winners

Increasing Access through Transportation

Chico, CA

Over the years, Butte Regional Transit has added more vehicles and routes to accommodate the increased need for public transit. The new and expanded Butte Regional Transit Operations Center will provide support and improved transportation for geographically isolated and at-risk populations at one central location.

In partnership with the Butte County Association of Governments, the expansion project will assist the efforts of community-based outreach programs, care providers, job training programs, and transportation service organizations to offer improved transportation and outreach services.

Chase provided a $1.5 million New Markets Tax Credit allocation and a $5.6 million New Markets Tax Credit equity investment for the Butte Regional Transit Operations Center. Chase also provided a loan in the amount of $11.4 million which was critical to the funding structure of this complex project.

The Butte Regional Transit Operations Center is expected to generate nearly 1.8 million trips per year; the project will also support access to care centers, healthy food, and more than 700 local jobs for mentally and physically disabled persons, as well as Veterans and formerly incarcerated persons.

Rendering of Butte Regional Transit Operations Center, Chico, CA
Butte Regional Transit Operations Center, Chico, CA

Commitment to Affordable Housing

Bakerview Family Housing – Bellingham, WA

Housing for farmworkers is a top priority for an extensive network of grassroots community organizations in Bellingham, WA, including church groups, social service agencies and cultural organizations. These groups help families that need housing, and also qualify as farmworkers, that earn up to 50% of the area median income, or $34,950 annually.

Responding to this need, Chase made an $11.3 million Low-Incoming Housing Tax Credit investment for the new construction of Bakerview Family Housing that will provide 50 units of affordable housing for low-income farmworker families.

The developer of this project is Catholic Housing Services of Western Washington, which served over 7,000 individuals last year at 50 locations across Western Washington. The City of Bellingham and the Washington State Housing Trust Fund also are providing funding and local support for Bakerview Family Housing.

Rendering of Bakerview Family Housing – Bellingham, WA
Bakerview Family Housing – Bellingham, WA

Curls Manor – Kansas City, MO

State Senator Phil B. Curls tirelessly advocated for low-income families, seniors and affordable housing in Missouri.

In commemoration of his life and legacy, Curls Manor, will provide affordable housing and help support the redevelopment of the Cleveland Heights neighborhood. Curls Manor will provide 54 units of senior affordable housing for those earning up to 60% of the area median income, or $43,500 annually.

Chase made a $6.4 million Low Income Housing Tax Credit investment and a $6.5 million construction loan for Curls Manor. The developer is long time Chase community partner Brinshore Development, who plans to develop another 170 residential units in the neighborhood.

The senior housing development will feature a community garden and community space, including a fitness center, theater room, nurse’s station, computer lab and lounge area which will help enhance the quality of life for residents. Additional services will be provided by nonprofit partner, Phoenix Family Services, including health care, nutrition programs and social events for residents to enjoy.

Rendering of Curls Manor in Kansas City, MO
Curls Manor – Kansas City, MO

Chase’s New Affordable Lending Product

Chase is committed to meeting the needs of our customers across the credit spectrum and to promote this goal, we have been increasingly focused on expanding our home lending programs.

We are excited to share our new affordable loan product, the Standard Agency 97%, which will help customers achieve homeownership even with limited cash for a down payment and closing costs. For more information on Standard Agency 97% and other Chase products, visit your local branch or online at Chase.com.

Supporting Summer Youth Employment

Summer employment is a tool for long-term success, increasing student’s likelihood to graduate from high school and preparing young people to thrive in a competitive global economy.

Many cities, communities, and state and federal governments were focused on just that – making sure young people had the tools and access to learning opportunities, employment or professional experiences. Each year Chase provides over $2.5 million in financial support for summer youth employment across the country.

For example, Chase provided more than $330,000 for summer youth employment programs in the New York City metro area, enabling over 170 students to have paid summer internships. These programs include:

  • Jersey City Summer Internship Program. Students work in a professional-level internship at leading companies and nonprofits and participate in weekly professional development trainings covering topics from career pathway exploration and financial literacy to mock interviews and presentation skills.
  • Mayor’s Fund to Advance NYC, Ladders for Leaders Program. Students develop their career skills – including soft and hard skill training – through internships.
  • Futures & Options. Interns attend workshops that enrich their on-the-job experience, covering topics such as communication, interpersonal skills, business etiquette and financial literacy, and participate in career exploration field trips.
Photo of students with Jersey City Summer Internship Program.
Jersey City Summer Internship Program
  • PENCIL. Students participate in internships where they develop soft and hard career skills through seminars and written assignments.
  • Newark Summer Youth Employment Program. The White House chose this program as one of 16 Summer Impact Hubs, recognizing its efforts to provide youth with job training and preparation, learning programs, violence reduction initiatives and opportunities for innovation and entrepreneurship.

Bringing Tennis and Education to Change Lives

For the third consecutive year, Chase partnered with the United States Tennis Association Foundation to bring tennis and education together to change lives in communities across the U.S.

The Return the Serve program supports nearly 20,000 children participating in National Junior Tennis & Learning programs. Chase made a $100,000 grant, to 10 chapters during the nationwide "Return the Serve Fun Day," held on July 15.

Children enjoyed the fun-filled day that included tennis, education and nutritional tips, in New Orleans; San Francisco; Dallas; Jacksonville, Fla.; New York; Portland, Ore.; Los Angeles; Washington; D.C.; Chicago; and Houston.

The United States Tennis Association Foundation offers more than 500 tennis and education programs, including Return the Serve.

Photo of children involved in the Return the Serve program.
Children involved in the Return the Serve program.

Taking the Journey to Your New Front Door

There are multiple stages of the home buying journey that leads you to your new front door. Be sure to check out our tools and educational resources on getting started, finding, financing and closing on a home and much more.

Photo of house with porch and front door.

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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