Representing a combination of loans and grants, the investment includes $20 million in flexible, long-term debt capital and $5 million in capacity-building grants to both Invest Detroit and Capital Impact Partners, which will use the funds to bankroll residential, commercial, and retail development projects. The bank also committed $25 million in support of efforts to tackle urban blight, including $5 million and technical assistance to the Detroit Land Bank Authority; $5 million for a rehab loan pilot program; and $1 million to the Detroit Blight Removal Task Force's Motor City Mapping Project, which will use the funds to create online access to information on all properties in the city.
In addition, the bank committed $12.5 million in support of efforts to better link the city's workforce development efforts with employer needs; $7 million in support of small businesses in the city, including tech startup incubator Bizdom and Detroit Eastern Market; and $5.5 million in support of the new M-1 streetcar and bringing the Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase, to the city. Through the JPMorgan Chase Detroit Service Corps, volunteers also will offer capacity-building and technical assistance to local nonprofits.
"The City of Detroit is at a critical juncture and the moment of opportunity is now," said Invest Detroit president Dave Blaszkiewicz. "The investment capital provided by JPMorgan Chase will serve as a vital resource for renewal by strengthening the platform for development of residential, commercial, and mixed-use projects."