JPMorgan Chase & Co has announced a five-year, $125 million initiative to create economic opportunity in disadvantaged neighborhoods across the country.
The PRO Neighborhoods program will invest in partnerships and innovative financial solutions aimed at revitalizing neighborhoods by growing small businesses, supporting health and social services, improving access to affordable housing, and collecting better data on their changing demographics. In particular, the initiative will focus on three areas — providing capital to regional community development financial institutions (CDFIs) looking to scale neighborhood development projects; providing critical seed capital to local partners looking to acquire, refurbish, and provide affordable housing in communities at risk of gentrification; and funding research on the implications of demographic shifts and potential strategies in response to those changing demographics.
The initiative builds on a $33 million pilot program that helped twenty-six CDFIs raise more than $226 million in additional capital for local economic and social service projects. In addition, JPMorgan Chase has committed $100 million over five years in support of economic recovery efforts in Detroit.
"Thriving neighborhoods are critical to the long-term economic success of our cities and to addressing many of the major barriers to economic mobility for low-income families," said Janis Bowdler, head of Community Development for Global Philanthropy at JPMorgan Chase. "PRO Neighborhoods provides local leaders with the tools and resources they need to ensure that opportunities to prosper are extended to distressed neighborhoods and the people who live there."