JP Morgan Chase
Update
09/18/24
JPMorganChase Helps Expand Access to Affordable Housing in Chicago’s South and West Sides with Multimillion Dollar Commitment
JPMorganChase has committed more than $10 million to advance affordable housing development and revitalize neighborhoods in Chicago’s South and West sides. The new loan to the Chicago Community Loan Fund (CCLF), a certified Community Development Financial Institution (CDFI), is part of JPMorganChase’s $200 million commitment to Chicago. The loan will support CCLF’s Communities of Color Loan Program, which provides low-cost capital to developers targeting projects impacting communities of color in low-to-moderate income neighborhoods throughout Chicago. Illinois Governor J.B. Pritzker joined JPMorganChase and CCLF to announce the new commitment.High borrowing costs and a lack of access to equity financing have contributed to disinvestment and an affordable housing shortage in low-income communities throughout Chicago. The new $10 million commitment will help fill the capital access gap for smaller for profit and nonprofit developers at a time when many of those borrowers are struggling to attain affordable financing. Additionally, JPMorganChase will provide $275,000 in philanthropic capital to CCLF, a portion of which will directly support the Communities of Color Loan Program.
The new loan to CCLF builds upon a long-standing relationship between the two organizations, including through a previous 2018 $10 million loan by JPMorganChase to CCLF’s Active Retail Program to help boost small business and retail storefronts in Chicago’s South and West sides. The commitment led to the creation or retention of over 200 jobs and the development of five local commercial real estate projects—including Bronzeville Cookin’—a culinary and entertainment space in the heart of the historic Bronzeville community in the South side of Chicago.
“We at JPMorganChase are proud of our 160-year presence in Chicago and ongoing work to bolster inclusive, sustainable economic growth across the city,” said Tim Berry, JPMorganChase Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region. “This partnership between business and community builds on our deep commitment to supporting the city’s South and West Sides and will not only advance housing affordability, but also contribute to more prosperous communities that will benefit Chicagoans today and for generations to come.”
“Increasing and preserving access to affordable housing is among the most urgent issues facing Chicago’s South and West sides,” said Kevin Goldsmith, Managing Director of Community Development Tax Credits and Intermediaries Lending at JPMorganChase. “After successfully working with the Chicago Community Loan Fund to bolster small businesses in 2018, we’re proud to double down on our support for them to continue making transformative investments that champion housing affordability, revitalize neighborhoods, and drive inclusive economic growth across Chicago.”
“Investing in all of Chicago’s communities demonstrates our commitment to all Chicagoans and the principle that every neighborhood, regardless of zip code, deserves opportunities to grow stronger,” said Governor JB Pritzker. “Investments from companies like JPMorganChase who have made Chicago their home are a crucial part of building a city and state that works for everyone, and the work CCLF supported by investments like these does just that.”
“This new investment was critical in launching CCLF’s second tranche of its Communities of Color Fund,” said Bob Tucker, CCLF Interim President. “This initiative will provide sustained, low-cost capital to help our borrowers develop healthy communities with housing, commercial facilities, retail and social enterprises in long-time underinvested communities. The substantial infusion of capital by JPMorgan Chase will advance CCLF’s goal to transform our entire region into one with equitable prosperity for all."
Financial commitments and technical assistance from JPMorganChase have helped CCLF increase their total assets by more than $100 million, with CCLF now holding nearly $180 million in total assets.
Photo by JPMorganChase
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