Wednesday, October 7, 2015
JPMogan Chase Announces New Initiatives to Create Affordable Housing in the South Bronx
In September, JPMorgan Chase announced new partnerships with two highly respected affordable housing developers. As the lead philanthropic partner of both developments, the investments will help support the construction of 200 affordable housing units in the South Bronx. Quality, affordable housing is integral to vibrant and economically inclusive communities, and we are proud to partner with Bowery Residents Committee and Settlement Housing Fund to work towards this goal in the Bronx.
On September 22nd, Dave Walsh, Head of Northeast Community Development Banking at JPMorgan Chase, joined New York City Deputy Mayor Alicia Glen, New York City Housing Development Corporation President Gary Rodney, and Executive Deputy Commissioner of Homeless Services Lucille McEwen to celebrate Bowery Residents Committee’s new development at 233 Landing Road in the South Bronx. The development, made possible in part through a $700,000 grant from JPMorgan Chase, will utilize an innovative financing model, leveraging shared financing of a co-located homeless shelter to subsidize affordable housing units for formerly homeless individuals and families.
On September 28th, James Rubin, Commissioner of the New York State Department of Homes and Community Renewal, and Vicki Been, Commissioner of the New York City Department of Housing Preservation and Development, joined Dave Walsh and other JPMorgan Chase representatives at Settlement Housing Fund’s groundbreaking celebration. JPMorgan Chase’s $450,000 investment supports the development of a 60-unit energy efficient building on Walton Avenue in the Mt. Eden section of the Bronx.
These exciting new partnerships are prime examples of the power and impact successful public-private partnerships can have on local communities and demonstrate our commitment to providing affordable housing in communities where we live and work. This year, JPMorgan Chase invested over $3.3 million dollars in grants to build approximately 1,200 units of affordable housing in the South Bronx, Flushing and East New York by 2017. And recently, we announced a $150,000 grant to Community Capital New York to catalyze affordable housing and commercial development in historic downtown Newburgh, New York. In addition, our community development banking team invests billions of dollars in communities around the globe annually, including over $500 million in the Bronx since 2013 that has generated over 4,400 units and housed over 11,000 individuals.