TIDMJPM
JPMorgan Chase & Co. today announced more than $1.2 million
for the ongoing revitalization of Detroit's neighborhoods. Six
community development programs that support Detroit continued
recovery through housing development, blight removal, new business
creation, parent education, and neighborhood beautification
projects have received grants as part of JPMorgan Chase's $100
million commitment. The new grants will support Southwest Housing,
Vanguard Community Development Corporation, Grandmont Rosedale
Community Stabilization Program, Eastside Community Network,
Michigan Community Resources, and Community Development Advocates
of Detroit.
"These targeted efforts provide Detroiters with the local
resources they need to invest in the future of their own
neighborhoods and create more widely shared prosperity," said Janis
Bowdler, Head of Community Development Initiatives, JPMorgan Chase.
"By investing in these programs, the quality of entire
neighborhoods can improve as housing prices stabilize, blighted
homes are removed or renovated, and education programs offer
residents the support they need to own a home."
These investments will provide the necessary capital to local
community development organizations to address the drivers of
economic opportunity in neighborhoods. The funds will help to
finance key programs in neighborhoods such as Cody Rouge, North
End, Michigan-Livernois, Hubbard Farms/Hubbard Richard,
Marygrove-Fitzgerald and the Lower Eastside.
"There is a lot of work yet to do, but Detroit is on the road to
recovery. By investing in programs like this that make a real
difference to our neighborhoods, we are seeing progress
accelerate," said Detroit Mayor Mike Duggan. "Neighborhoods like
the North End and Michigan-Livernois are getting better because of
the programs JPMorgan Chase is supporting and the great work of our
community partners."
To help stabilize and revitalize Detroit's neighborhoods,
JPMorgan Chase's new community development investments include:
Southwest Solutions ($800,000): Southwest Solutions is engaged
in a comprehensive effort to improve lives and neighborhoods in
Detroit through a broad range of programs in human services,
economic development and resident engagement. Among its programs,
Southwest Solutions provides assistance to Detroiters seeking to
better their economic future through homeownership and financial
coaching. They also stabilize and strengthen neighborhoods through
numerous initiatives, including boarding-up abandoned properties
targeted for re-use, maintaining and activating vacant lots, and
organizing neighborhood beautification activities with
residents.
"JPMorgan Chase has been a true partner in our community
redevelopment work in neighborhoods across Detroit, providing
critical support for our affordable housing, homeownership and
financial literacy programs," said John Van Camp, President and CEO
of Southwest Solutions. "JPMorgan Chase's substantial investment in
Southwest Solutions reflects a shared belief that the wellbeing of
people and place are intertwined."
Vanguard Community Development Corporation (CDC) ($150,000):
Vanguard CDC collaborates with the city of Detroit Housing and Real
Estate Development Department to acquire and rehabilitate vacant
housing through their North End HomeBuild program. This program
works to preserve the North End's beautiful historic housing stock,
create and maintain additional affordable housing, stabilize the
community, leverage previous investment, eliminate blight, produce
more affordable homes, rescue historic properties, increase
economic equity, prevent displacement, and create a welcoming,
safe, and attractive community environment.
"JPMorgan Chase has provided us with a fantastic opportunity to
help rehabilitate the community in keeping with its unique historic
flavor," said Pamela Martin- Turner, President and CEO, Vanguard
Community Development Corporation. "Instead of tearing down
valuable property, we are glad to work together to fix what's
broken and provide more affordable and valuable housing in
Detroit."
Grandmont Rosedale Community Stabilization Program ($77,500):
This program aims to stabilize housing values, reduce vacancy and
blight, encourage affordable home ownership, and attract new
businesses to their neighborhood in Detroit. The program acquires,
renovates and sells vacant and foreclosed homes to new homeowners
and markets the community to new residents to bolster housing
demand. With an emphasis on foreclosure prevention and blight
elimination, they work to retain current residents and reduce
overall vacancy. Specifically, they have coordinated an active task
force of local residents to mobilize thousands of volunteer hours
each year to clean and maintain vacant properties. By supporting
small business development, they also work to revitalize the Grand
River corridor.
"We are very grateful for the support we have received from
JPMorgan Chase for our neighborhood stabilization program. Vacancy
rates are falling, housing values are rising again and new families
are moving in to our community every day," said Tom Godderis,
Executive Director, Grandmont Rosedale. "Funding from JPMorgan
Chase has played a key role in catalyzing these positive
trends."
Eastside Community Network ($75,000): Eastside Community Network
aims to improve the Mack Avenue Corridor, between Conner and
Cadieux, to stabilize existing businesses, improve aesthetics,
remove blight, maintain open space, improve green uses, attract new
businesses, activate vacant spaces in low market areas, and
increase utilization. Partnering with local government, residents,
business, and technical stakeholders, they focus on street scape
design, green development, branding, commercial marketing and
business recruitment.
"Mack Avenue is one of the most traveled and iconic
thoroughfares on Detroit's Eastside, linking businesses to a number
of historic neighborhoods and connecting Detroit to three Grosse
Pointe communities," said Donna Givens, President and CEO, Eastside
Community Network. "JPMorgan Chase's seed funding to Eastside
Community Network's Mack Avenue Development Strategy, coupled with
separate JPMorgan Chase grants to our partners at Tech Town and
Michigan Community Resources, will spur the creation of a Corridor
Improvement Authority Tax Increment Finance District, increase
viability of existing businesses, new business development, and
additional investments from public and private partners."
Michigan Community Resources (MCR) ($75,000): MCR provides
targeted neighborhood capacity building services to CBOs in Cody
Rouge, North End, and the Lower Eastside that perform economic
development activities, expanding upon the work completed by the
JPMorgan Chase Service Corps team in 2014. MCR develops
neighborhood commercial marketing materials, provides technical
assistance for site specific marketing, creates customized
investment strategies that can be used to target development-ready
parcels and key neighborhood assets, and provides legal
assistance.
"We believe that the best way to support neighborhood economic
development is through a systems approach. This support will help
us empower organizations to participate in broader economic
development strategies that are currently targeting these
neighborhoods," said Jill Ferrari, CEO, Michigan Community
Resources. "We are very grateful to JP Morgan Chase for recognizing
the valuable role that community based organizations can play in
economic development."
Community Development Advocates of Detroit (CDAD) ($50,000):
CDAD is a membership organization of community development and
neighborhood improvement groups and assists its members through
community planning, engagement and other support. They also work to
increase awareness of public policy issues that support inclusive
development, such as community benefits, affordable housing and
land acquisition.
"Community Development Advocates of Detroit is extremely
appreciative of JPMorgan Chase's support of community development
in Detroit," said Sarida Scott, Executive Director, Community
Development Advocates of Detroit. "In this period of investment and
development, Detroit's neighborhoods must also be included.This
grant will enable us to continue supporting the great work
happening by organizations throughout the city."
About JPMorgan Chase
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.
Media:JPMorgan Chase & Co.Stephanie Bosh,202-585-1382
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February 23, 2017 06:00 ET (11:00 GMT)
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