Spring 2016 | Issue 22
Welcome to In the Community
Spring is a time for new beginnings, growth and transformation, not only with nature, but through projects focused on community renewal as well.
We're pleased to share with you the latest edition of the In the Community newsletter, which highlights many of the initiatives that Chase supports across the country. These efforts are:
- Providing new beginnings in a Philadelphia community through development of the Alcorn Education & Wellness Center,
- Growing and creating affordable housing and community development opportunities throughout New York and other communities; and
- Transforming lives through the New Skills for Youth initiative, which provides solutions to the youth unemployment crisis.
We hope you're inspired by these projects and appreciate your ongoing partnership and feedback.
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Building Thriving Communities
The neighborhood of Grays Ferry in Philadelphia has a history of challenges with crime, housing, educational attainment, healthcare access and other community issues, including vacant and abandoned buildings.
Due to these conditions, in 2009 the City Planning Commission declared that the neighborhood was blighted, and Grays Ferry has remained so for many years since.
In response, the Philadelphia Redevelopment Authority targeted the neighborhood for participation in the Federal Neighborhood Stabilization Program to revitalize and greatly reduce blight in the community.
Chase1 has stepped up by providing a $2.3 million New Markets Tax Credit equity investment and a $984,925 bridge loan to help redevelop a vacant Philadelphia School District building and an adjacent warehouse into a four-story, 43,000-square-foot medical and social services complex, known as the Alcorn Education & Wellness Center.
Community partners—Reinvestment Fund and the Philadelphia Industrial Development Corporation—are also contributing funding and resources.
The Center will be occupied by Family Support Services, who will provide parenting support, educational programming, social work services and early intervention therapy. Spectrum Health Services will also have space at the building to provide services to the veterans.
The new Grays Ferry facility is also aligned with the City of Philadelphia’s Neighborhood Transformation Initiative. Seeking to rebuild Philadelphia’s neighborhoods into thriving communities, the city links housing production and community economic development by expanding neighborhood jobs in the construction trades and by improving conditions that hinder business opportunities.
The Center is anticipated to create 94 full-time, 9 part-time and 75 construction jobs. The developer, Lamm Realty Group, will host a job fair to showcase employment opportunities to low-income residents in the area.