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Chase Receives $60 Million New Markets Tax Credit Award
New York– June 09, 2014
Chase announced today that it received $60 million in the latest round of New Markets Tax Credit (NMTC) allocations to further expand its investment to support jobs and service in low-income communities across the U.S.
The $60 million award is from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, which awarded $3.5 billion in NMTC allocations to 87 organizations this year to help increase economic opportunity in the nation’s most distressed areas.
“We are proud of our decade-long track record of successfully using New Markets financing to support projects that improve the quality of residents’ lives in the communities we serve,” said Matt Reilein, head of Chase’s New Markets Tax Credit Group. “We look forward to continuing to use these awards to expand our investment in programs that are revitalizing neighborhoods across the U.S.”
Chase has received eight NMTC awards over the last nine rounds since the program began 14 years ago, bringing the firm’s total awards to $540 million. Chase uses its NMTC allocations to partner with awardees, and has invested in over $4.4 billion of NMTC eligible 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.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.