Chase Receives $70 Million in New Markets Tax Credit Awards
NEW YORK, April 25, 2013 - Chase announced today that it received $70 million in the latest round of New Markets Tax Credits to further expand its investment to support jobs and service in low-income communities across the U.S.
The $70 million award is part of the U.S. Department of the Treasury's Community Development Financial Institutions Fund, which allocated $3.5 billion to 85 organizations this year to help increase economic opportunity in the nation's most distressed areas.
"We have a successful track record of using New Markets financing to support projects that create quality jobs and services in the communities we serve," said Matt Reilein, senior vice president of Chase Community Development Banking. "This award is recognition of that success and it will allow us to expand our investment in programs that are significantly changing neighborhoods."
Chase has been an active leader in the New Markets industry since the beginning of the program, making nearly $1 billion in investments last year alone. For example, with the help of a Chase New Markets Tax Credit investment, the Los Angeles Dream Center was able to transform a former hospital facility near the Echo Park neighborhood into additional housing for impoverished families, at-risk youth and victimized women, increasing its number of residents from 650 to nearly 1,000.
The latest allocation brings the firm's total awards since the program began to $480 million. Chase will use the additional funds to invest in projects that support job creation, healthcare and social services, access to affordable healthy food, and educational programs.
The New Markets program is administered by the U.S. Department of the Treasury. It is designed to stimulate economic growth and job creation in low-income communities by providing much-needed investment capital, financial counseling and other services. Awardees are selected after a highly competitive and rigorous government review process.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4 trillion and operations in more than 60 countries. Chase serves more than 50 million consumers and small businesses through more than 5,600 bank branches, 18,700 ATMs, credit cards, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships. More information about Chase is available at www.chase.com.