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Spring 2018 | Issue 29

Welcome to In the Community

We are pleased to share with you our first issue of the In the Community newsletter for 2018.

It is with great pleasure and excitement that we embark on a new year filled with opportunities to make a positive impact in communities across the country for our customers that we are obsessed with!

In this issue, we highlight several projects that are helping to:

  • Create opportunity and economic growth by investing $20 billion, 5-year commitment
  • Transform blighted buildings into a new health care facility
  • Develop a mixed-use development to provide housing, commercial and retail opportunities
  • Provide financial support for our nonprofit partners that do great work in various communities
  • Create affordable housing opportunities for those with low- and moderate-incomes

Throughout the year we will continue to share with you more of our work that is made possible through strong partnerships and collaborative efforts.

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


Creating Opportunity: Investing $20 billion in Employees, Customers and Communities

We’ve always believed that the best use of our capital is to support our employees, our customers and our local communities by doing what a bank is supposed to do: lending and investing.

That’s why we’re so proud of our $20 billion, five-year commitment to our employees, to our customers, and to support job creation and economic growth across the country.

Specifically, we will:

  • Create 4,000 jobs as we open new branches in several new U.S. markets
  • Increase wages and benefits for hourly U.S. employees
  • Increase small business lending and affordable home lending
  • Expand philanthropic investments by 40 percent

This commitment brings together the best of our business and philanthropic efforts to drive inclusive economic growth and help create opportunity for more Americans. We invite you to learn more, here.

Avondale Town Center: Choice and Opportunity

Cincinnati’s Avondale neighborhood faced a tough challenge: vacant buildings, an outdated 1980s struggling retail strip and, lack of access to fresh produce.  So, the city and other local leaders came together to revitalize the Reading Road corridor and to develop the Avondale Town Center.

Supporting these efforts, Chase1 made an $11 million New Markets Tax Credit equity investment and a $3 million loan for the Town Center.  The Community Builders is the project’s nonprofit developer with a long history of building and sustaining strong communities where people of all incomes can achieve their full potential. 

Meeting that goal, the Town Center—a mixed-use development—will consist of commercial, retail and residential space. Affordable housing will be available for those with a range of incomes, including those that are low- and moderate-income.

Additional support is coming from the HUD Choice Neighborhoods Program, Cincinnati Development Fund, RBC Community Development, New Markets Support Company/LISC and Uptown Consortium, the City of Cincinnati and Cincinnati Children’s Hospital. Avondale Town Center will help make the neighborhood be one of choice and opportunity.

The Community Builders, Inc.

Increasing Access to Health-care Services

BuiltForm LLC

Founded in 1984, Lawndale Christian Health Center sought to address the lack of affordable, quality health-care services for residents in surrounding Chicago neighborhoods.  Now, it’s getting a shot in the arm from a project that is transforming several buildings and increasing access to an array of services at a new medical corridor. 

Chase provided a $13.5 million New Markets Tax credit investment to support Lawndale Christian Health Center development of the Lawndale Medical Corridor. The project will include an urgent care center, senior/adult day services, and an urban greenhouse.

The Chicago Botanic Garden and Lawndale Christian Health Center are establishing the Farm on Ogden, a food hub and training facility. Windy City Harvest is also partnering with the farm to create jobs for young people, ex-offenders and others.

Having a Friend in LISC

Communities across the country know they have a friend in LISC, or officially the Local Initiatives Support Corporation. It’s one of the nation’s largest organizations supporting projects to revitalize communities and bringing greater economic opportunity to residents; including affordable housing, better schools, safer streets and support for businesses.        

Often, Chase is there, too. We are one of LISC’s earliest and longest standing partners, providing more than $3 billion since 1980, especially in Chicago; Cincinnati; Houston; Jacksonville, FL; Los Angeles; Milwaukee; Phoenix; Newark, NJ; San Diego and San Francisco. Chase has supported LISC’s signature programs and community events over the years, most recently focusing on improving consumer financial health and developing equitable communities, including:

  • Financial Opportunity Centers – these help low-to-moderate income residents in cities across the country develop the skills they need to build assets, better manage finances, and secure and retain good jobs.
  • Bridges to Career Opportunities – Chase supports activity in several cities to help residents attain safe, affordable housing which will help them achieve financial stability.

This support enables LISC to serve 11,000 individuals through Financial Opportunity Centers and to develop more than 150 units of affordable housing.

With Chase’s support, LISC has served 13,400 individuals through 42 Financial Opportunity Centers and, as of October 2017:

  • 1,700 people were placed in jobs;
  • 1,230 people increased their net income;
  • 900 people increased their net worth; and
  • 830 people improved their credit score.

The Reserve at Dry Creek

DMA Development Company

The City of Hewitt is humming with new retailers, a joint city hall and library, and housing to accommodate its growing population. That includes, The Reserve at Dry Creek, with more than 100 units of affordable housing for seniors.

Demonstrating an ongoing commitment to affordable housing, Chase made a $13.4 million Low Income Housing Tax Credit investment and an $11 million in construction financing for the development. The Reserve at Dry Creek will provide housing that is affordable for seniors with incomes below 60% the area median income, or about $34,500 annually. 

The developer, DMA Development Company, also will set aside some units for residents with special needs such as physical disabilities, addiction and victims of domestic violence. Impact Capital and the Texas Department of Housing and Community Affairs also provided funding.

Creating Opportunities for Veteran-Owned Small Businesses

Fresh out of the military, many service members try to start their own business. Generally, only a small percentage will succeed due to the lack of access to capital, mentorship and networking.

Chase is working to help change that and create more opportunities for veterans to accomplish their goal to open their own business. An investment of $4.2 million was committed to Community Development Financial Institutions, including Main Street Launch (California), Carolina Small Business Development Fund (North Carolina, South Carolina and Florida), and PeopleFund (Texas), to provide loans for veterans looking to start or grow their own businesses. A partnership with Bunker Labs will also help equip veteran entrepreneurs with the tools and resources they need to succeed.

The investment is part of Chase’s Small Business Forward program, which will invest $150 million over the next five years in support of women, minority and veteran-owned small businesses. The program will use a series of data-driven approaches to help build their long term success, while also creating local and inclusive economic growth. To learn more about Chase’s support of our veterans visit here.

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.

Subscribe to our Newsletter

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


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