(October 21, 2019 by JP Morgan Chase & Co. Press Release) JPMorgan Chase today announced the winning proposals to support neighborhood development projects and promote inclusive growth across seven U.S. communities, as part of the firm’s sixth Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) competition. This year’s winning collaboratives of community development organizations will be awarded $3-$6 million over a three-year period – for a total of $33 million – to help address the pressing challenges facing neighborhoods in Cleveland, Ohio, Columbus, Ohio, Dallas, Texas, the Greater Washington region, Memphis, Tenn., South Florida, and Wilmington, Del.
Additionally, today JPMorgan Chase opened its next request for proposals to support a broad spectrum of solutions to help solve social and economic challenges facing communities across the U.S.
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Advancing Neighborhood Development
Economic opportunity is deeply rooted in neighborhood conditions. Yet many neighborhoods face persistent challenges ranging from concentrated poverty and disinvestment, to displacement of current residents. The PRO Neighborhoods competition, which aims to spark collaboration among community organizations to tackle some of the toughest neighborhood challenges, is part of JPMorgan Chase’s $125-million commitment to neighborhood development. To date, PRO Neighborhoods has hosted six competitions, awarding more than $131 million to over 95 community development organizations across the United States. The winners from the first five competitions have deployed more than $470 million in loans into low-income neighborhoods and raised an additional $870 million in outside capital – a 1 to 13 leverage ratio.
“Resilient neighborhoods are critical to the long-term success of cities and in tackling some of the biggest challenges facing low-income families,” said Colleen Briggs, Head of Community Innovation at JPMorgan Chase. “By providing tools to local leaders and incentivizing collaboration, we’re helping transform underserved neighborhoods into neighborhoods of opportunity, where diverse individuals and families at all income levels can thrive.”
This year’s winning proposals include:
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Equitable Wilmington (Wilmington, Del.): Wilmington, particularly in the West, East and Northeast neighborhoods, has one of the highest concentrations of poverty among small U.S. cities, is under resourced with a shortage of community amenities, and has significant land vacancy and a lack of affordable housing. Equitable Wilmington will support affordable housing development, small businesses, and community facilities while leveraging the healthcare sector to target social determinants of health. This proposal is led by a collaboration between Cinnaire Lending Corporation, True Access Capital and NCALL Loan Fund.
In addition to the seven capital grant winners, the competition also included planning grants to provide seed funding for targeted early-stage neighborhood plans – nine planning grant winners across the U.S. will receive a total of $900,000. Overall this year, JPMorgan Chase received 75 applications covering 49 U.S. cities to support capital and planning projects.
New Competition Now Open
Based on the knowledge and experience JPMorgan Chase has gained working with partners in cities across the country, JPMorgan Chase is moving the PRO Neighborhoods Competition into the AdvancingCities Challenge. The AdvancingCities Challenge continues to emphasize the importance of collaboration, strong leadership, and bold and innovative approaches to help ensure that prosperity is more widely shared, and that all residents have opportunities to thrive.
The expanded AdvancingCities Challenge will allow for continued sharing of best practices between cities as well as support for a broader spectrum of solutions, from targeted neighborhood-based initiatives that meet pressing demands to city-wide or regional strategies that tackle systemic challenges. The request for proposals is open now, closing on January 15, 2020.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 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.
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