JPMorgan Chase Commits $15 Million to Expand Economic Growth in Detroit’s Neighborhoods - Seite 2

These funds, which included $40 million in low-cost debt from JPMorgan Chase, helped finance the construction of mixed-use real estate development, affordable multi-family housing and high quality residential, commercial and retail developments, as well as provided flexible capital for small and medium-sized businesses throughout Detroit.

In total, these funds have leveraged over $230 million in additional funding from outside sources to support residential and commercial development. The loans helped create 828 residential housing units, 296,000 square feet of commercial space and created or saved 538 jobs.

Also since 2014, JPMorgan Chase’s Community Development Bank Group contributed nearly $150 million in New Markets and Historic Tax Credit transactions and construction loans to affordable housing projects throughout Detroit for the development of 747 units of affordable housing, as well as grocery stores, schools and commercial space.

Looking ahead, the firm’s new $15 million commitment supports a market-based approach to creating sustainable loan programs for residential and commercial development, small business access to capital and home rehabilitation.

In addition to offering capital and philanthropic support, the firm has contributed the skills and expertise of its employees to build the capacity of its nonprofit partners. In 2017, four employees from JPMorgan Chase’s Service Corps were embedded with Invest Detroit to assist with developing Strategic Neighborhood Fund metrics as well as a framework for prioritizing neighborhoods for successful future development.

“JPMorgan Chase’s original investment of resources and expertise transformed our capacity so that we could start to bring revitalization tools into the neighborhoods,” said David Blaszkiewicz, President and CEO, Invest Detroit. “This additional investment allows us to greatly expand this tested and measurable approach that JPMorgan Chase was so instrumental in creating.”

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $2.6 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 customers 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.

About Invest Detroit

Invest Detroit is a mission-driven lender, investor, and partner that supports business and real estate projects that will ignite economic growth in Detroit. Invest Detroit’s goal is to increase density and job opportunities in a way that is strategic and inclusive.

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