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Summer 2016 | Issue 22

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.

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 include:

  • Building collaborative partnerships to create economic opportunity in distressed neighborhoods through the PRO Neighborhoods initiative
  • Supporting organizations like Genesys Works, which helps high school students learn and explore the professional world through internships
  • Creating community development and much-needed affordable housing opportunities
  • Partnering with the Urban League to support job training and economic empowerment

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

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Driving Solutions for Distressed Neighborhoods

Chase1 launched Partnerships for Raising Opportunities in Neighborhoods (PRO Neighborhoods), a $125 million, five year initiative to identify and support solutions for creating economic opportunity in distressed neighborhoods around the country. The new initiative will invest in collaborative partnerships and innovative financial solutions that revitalize neighborhoods by:

  • Growing small businesses;
  • Creating health and social service facilities;
  • Improving access to affordable housing; and
  • Collecting better data to study changing neighborhood demographics.
Pro Neighborhoods logo

Building on the lessons from a $33 million pilot program, PRO Neighborhoods will help create more widely shared economic prosperity by providing capital to community development organizations. The initiative will focus on three areas:

  1. Collaborative Community Development Financial Institutions (CDFIs) partnerships: PRO Neighborhoods will provide capital to regional CDFIs to work together, pool resources and expand lending activities. Together, they can build health and education facilities, open retail centers and support community services in area neighborhoods.
  2. Affordable housing seed capital: with fewer public subsidies available for affordable housing, PRO Neighborhoods will support the development and preservation of housing for low- and middle-income families. This includes providing capital to help local partners acquire, refurbish and provide affordable housing.
  3. Data-driven neighborhood solutions: PRO Neighborhoods will fund research and the collection of land use, housing trends and shifting demographic data to help cities better understand the most urgent problems facing their neighborhoods.

We invite you to learn more and read about success stories from the PRO Neighborhoods initiative.

Kingsley House: Building on a History of Service

In 1896, an Episcopalian minister saw a need in his church's local neighborhood and encouraged the wealthy to step in and help the poor by founding Kingsley House. Nationally renowned as one of the oldest settlement houses in the country, Kingsley House helps educate children, strengthen families and build community in Southeastern Louisiana.

Supporting Kingsley House's mission, Chase made a $2.7 million New Markets Tax Credit equity investment for the organization's expansion in the historic Lower Garden District of New Orleans. The new 24,000-square-foot facility will be adjacent to its current building and will enable Kingsley House to create new classrooms and serve more children, seniors and medically fragile adults.

The widely supported expansion project will create jobs that Kingsley House aims to fill from the surrounding community; it will also aid in the continued rejuvenation of the Lower Garden District.

Rendering of Kingsley House. Courtesy of Trapolin Peer

Commitment to Affordable Housing

Cielo Carmel – San Diego, CA

Cielo Carmel Rendering. Courtesy of Humphreys & Partners Architects.
Cielo Carmel Rendering. Courtesy of Humphreys & Partners Architects.

Chase responded to the affordable housing needs in San Diego by making a combined $21.2 million Low Income Housing Tax Credit investment for the development of Cielo Carmel. The project is a two-phase family apartment community with a total of 197 affordable housing units, developed by the Affirmed Housing Group. Apartments will be affordable to those earning up 60 percent of the area median income, or $43,800 annually. Energy efficient features to help control utility costs, a community vegetable garden, open recreation areas and perimeter walking trails are some of the features that residents can enjoy.

Grace Townhomes – Philadelphia, PA

A vacant lot will soon be revitalized into Grace Townhomes, consisting of 36 units of affordable housing for those with incomes up to 60 percent the area median income, or $33,720 annually.

Demonstrating its commitment to affordable housing, Chase provided:

  • A $275,000 predevelopment loan;
  • An $8.9 million construction loan; and
  • A $12.2 million Low Income Housing Tax Credit equity investment

Supportive services will be provided by the nonprofit, Women's Community Revitalization Project, which is committed to social and economic equity for low-income women and their families. The organization also develops affordable housing, provides supportive services, advocates for policy change, and promotes leadership, dignity, and justice in its communities.

Grace Townhomes Rendering. Courtesy of Kramer+Marks Architects.

Riverside Arms Apartments – Newark, NJ

Affordable housing is challenging in the high-cost housing market around New York City. Providing solutions to this challenge, Chase made a $12.6 million Low Income Housing Tax Credit equity investment for Riverside Arms Apartments. The affordable housing development will consist of 128 units for those earning up to 60 percent of the area median income, or $58,740 annually. Social services will be offered and include, financial training such as money management, credit and debt management, income and education training, and savings and investing training.

Riverside Arms Apartments Rendering. Courtesy of FJM Architect, LLC.

Preparing Students for the Professional World

Since the 1880s, Chase has worked, partnered and served customers in Houston. Chase continues these efforts with Genesys Works, a nonprofit that helps students learn basic information technology skills and explore the professional world through paid internships.

Chase has provided more than $300,000 in grants, served on the board of directors and offered internships to students, some of which have led to full-time jobs. This support has helped Genesys Works expand its facilities, hire staff and offer its workforce, training and professional development programs to more students. The nonprofit's success has led to three additional sites serving students in San Francisco, Chicago and Minneapolis/St. Paul.

To learn more about Chase's work in Houston and support of Genesys Works, we invite you to visit our Corporate Responsibility page.

Students participating in programs offered by Genesys Works.
Students participating in programs offered by Genesys Works.

Longtime Partners: Chase & the Urban League

Chase's support of the National Urban League and its local offices is responsive to the need for workforce development and other economic services that benefit low- to moderate-income individuals and businesses.

Over the years, Chase has provided nearly $1.5 million to the Chicago Urban League for various programs and initiatives, including its Entrepreneurship Center and Workforce Development and Housing Programs. Additional volunteer services provided by Chase employees include:

  • Memberships on local Urban League advisory boards;
  • Hosting first-time homebuyer and financial education seminars; and
  • Providing technical assistance to increase staff capacity, strategic planning and fundraising.

Chase also awarded a $2 million, multi-year grant to the National Urban League to further support job training and economic empowerment.

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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