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.
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:
- 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.
- 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.
- 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.