JPMorgan Chase has announced a $15 million commitment to help expand economic opportunity in underserved neighborhoods in Detroit.
Made as part of the company's five-year, $150 million commitment to the city, the investment in Mayor Mike Duggan's Strategic Neighborhood Fund includes a $5 million grant and a $10 million long-term, low-cost loan. The funds will be used to finance critical neighborhood projects that lack access to traditional financing, with a focus on commercial corridors across ten neighborhoods; attract additional capital to those neighborhoods; and provide residents with greater access to affordable housing and services.
In 2014, JPMorgan Chase helped launch two community development loan funds in Detroit, the Detroit Neighborhoods Fund and the Chase Invest Detroit Fund, through two community development financial institutions — Capital Impact Partners and Invest Detroit. Those funds have since leveraged more than $230 million in additional funding from outside sources in support of residential and commercial development in the city.
"With the help of partners like JPMorgan Chase, we are taking the successful strategies that worked in our Downtown and Midtown areas and scaling it to bring physical improvements and development to neighborhoods across our city," said Duggan. "We've got a lot more work to do and together, we'll expand the good work being done to ensure more Detroiters are participating in the comeback."