Chicago Receives $7.2 Million from JPMorgan Chase’s AdvancingCities Challenge to Improve Access to Affordable Housing in Black and Latino Communities
JPMorgan Chase has selected Chicago as one of seven cities to receive a $7.2 million investment under its AdvancingCities Challenge. This initiative is part of a larger $500 million effort aimed at fostering inclusive growth and economic opportunity. The funding will support the construction of over 150 affordable housing units and provide financial coaching to residents in South and West side neighborhoods. The collaborative approach aims to enhance homeownership rates among Black and Latino communities, addressing systemic barriers and contributing to local economic recovery.
- JPMorgan Chase's investment of $7.2 million will support the creation of over 150 affordable housing units.
- The initiative engages a collaborative of seven organizations to enhance homeownership in underserved neighborhoods.
- JPMorgan Chase aims to originate an additional 3,000 home purchase loans for Black and Latino families over the next five years.
- The focus on specific neighborhoods may limit benefits to broader areas facing similar economic issues.
CHICAGO--(BUSINESS WIRE)--JPMorgan Chase today announced Chicago is one of seven winning cities in its AdvancingCities Challenge, part of the firm’s
This commitment will support the creation and preservation of over 150 affordable housing units for families and individuals between 60
The effort will be led by The Resurrection Project, in collaboration with Back of the Yards Neighborhood Council, Peace and Education Coalition of the Back of the Yards Neighborhood, Precious Blood Ministry of Reconciliation, Capital Good Fund, Lawndale Christian Development Corporation, and Southwest Organizing Project. Together, these organizations aim to help strengthen recovery efforts in Chicago, and address the needs of Black and Latino communities, which have been disproportionately affected by the COVID-19 pandemic and decades of underinvestment.
With the support from JPMorgan Chase, the collaborative will increase the supply of quality, affordable housing through a modular construction model, which will also add new construction jobs for local residents and begin to close the appraisal gap. Additionally, the collaborative will address the needs of current homeowners and first-time homebuyers to help close the racial homeownership gap for Black and Latino residents. This includes:
- providing homeownership and consumer lending products for first-time homebuyers and long-term homeowners, like second mortgage loans and rehab loans;
- creating new financial education and counseling programs that help improve residents’ credit worthiness through low-cost consumer loans and financial coaching; and
- providing trainings for residents on how to use their collective voice to engage their communities.
“As a leader in building healthier communities, receiving this award is a great achievement for The Resurrection Project (TRP)” said Marisa Novara, Department of Housing Commissioner. “The investment by JPMorgan Chase in AdvancingCities in Chicago is a great testament to the City’s leadership in community development. This City stands ready to work with TRP, its partners and Chase to rebuild communities through homeownership.”
Over the course of the three-year commitment, the collaborative will create and preserve over 150 affordable housing units, engage nearly 3,000 participants in homebuyer preparation, in which 240 will become ready buyers, provide over
“Structural barriers have stripped black and brown communities of wealth and opportunity,” says Raul Raymundo, CEO and Co-Founder of The Resurrection Project. “Homeownership is a pathway for families to close the racial wealth gap. TRP and our coalition members are honored to receive the AdvancingCities award, and to partner with JPMorgan Chase, and the city, in this critical work.”
“Access to safe and quality affordable housing is essential to thriving communities but is out of reach for too many Chicagoans,” said Charlie Corrigan, Head of Midwest Philanthropy, JPMorgan Chase. “This is the biggest philanthropic commitment in a single project that JPMorgan Chase has ever made in Chicago, and will contribute to our goal of advancing economic mobility and helping address the racial wealth gap in the city.”
About AdvancingCities
AdvancingCities is a
The AdvancingCities Challenge supports collaborative and holistic solutions that tackle pressing needs and systemic challenges to help create more access to capital and opportunity. This year, the competition attracted more than 150 proposals from 78 communities across 35 states and territories. Proposals were required to focus on the strategic drivers of inclusive growth within JPMorgan Chase’s Model for Impact: jobs and skills, small business, neighborhood development and financial health, and build on the firm’s 7 Traits for AdvancingCities.
The 2020 AdvancingCities Challenge leveraged lessons learned from six years of hosting the PRO Neighborhoods competition and the first year of the AdvancingCities Challenge, continuing to emphasize the importance of collaboration, strong leadership, and bold and innovative approaches to help ensure that access to capital and opportunity is more widely shared by diverse communities. This year’s combined challenge sourced solutions that embodied three key factors:
- A powerful vision for the future shaped by deep community engagement and a shared understanding of goals and priorities to ensure alignment across partners;
- Strong leadership and collaboration among a diverse set of actors with unique authority and resources to drive sustainable change; and
- Innovative approaches that are data-driven and evidence-based and that move beyond “business as usual” to change the trajectory of communities that are currently being left behind.
The winning AdvancingCities Challenge initiatives will have access to a wide array of JPMorgan Chase resources, including data and research, employee expertise, and global network. To learn more about AdvancingCities visit www.jpmorganchase.com/advancingcities.
A Commitment to Chicago
This new commitment builds on JPMorgan Chase’s
JPMorgan Chase also expects to originate an additional 3,000 home purchase loans for Black and Latino families over the next five years as part of its efforts to advance affordable, sustainable homeownership. To do this, the firm has committed an additional
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of
