Over the last several years, JPMorgan Chase has invested $155 million in the revitalization of the city of Detroit, exceeding its initial commitment of $150 million for the project.
And now, the bank is preparing to commit even more money.
JPMorgan Chase announced Wednesday that is planning on investing an additional $50 million in Detroit by the end of 2022.
According to the bank, the money will help fund job training, small business, and home ownership in the city.
“JPMorgan’s new $50 million in philanthropic and business investments will help further break down barriers to opportunity so that more long-term residents of Detroit, especially black Detroiters, can access job training, become homeowners and grow small businesses,” the bank said in a statement.
Of the $50 million commitment, $20 million will go toward improving access to homeownership and affordable housing, the bank said.
Part of that commitment includes multiple initiatives, including:
- Partnering with Cinnaire, CHN Housing Partners, and Opportunity Resource Fund, the firm will implement a lease-purchase pilot to help Detroit’s lower-income families achieve and sustain homeownership through the Low-Income Housing Tax Credit program. The investment will focus on phase one of the pilot to prepare 54 families to take title of their homes within the next three years (2019 – 2021).
- Growing and preserving the supply of affordable, move-in ready homes in strategic neighborhoods by increasing access to capital for community development organizations and minority developers
Beyond that, the bank is committing $10 million toward job training efforts, and $12 million toward helping black entrepreneurs start and grow their businesses in Detroit.
Additionally, the bank is committing $8 million to improving the “financial health” of Detroit residents. Included in that effort:
- Increasing access to financial counseling services for underserved Detroiters by helping them save money, build wealth and reduce debt as well have greater opportunity to purchase homes
- Increasing investments in financial coaching and savings incentive programs
“Too many people are being left behind, and we need to build an economy that works for everyone,” said Jamie Dimon, chairman and CEO, JPMorgan Chase.
“Our new investment in Detroit will help the system work for more people – giving more Detroiters access to the tools they need to succeed, stay and benefit from Detroit’s continued recovery,” Dimon said. “A good education, the skills to secure a good job, a home, and the capital and assistance to start and grow a small business are some of the tools to creating opportunity and a society where everyone benefits. I continue to believe Detroit is an example to our country and the world of what can be achieved through cooperation to solve today’s biggest challenges. And that is why we continue to invest here and apply what we’ve learned here in other cities.”
Detroit Mayor Mike Duggan commended the bank for both its previous efforts and its future commitments.
“JPMorgan Chase stepped up to support Detroit at a critical time in our history,” Duggan said. “There’s more work to do, and I’m glad JPMorgan Chase is expanding their investment in the Motor City. Their investment has proven to others that Detroit is a good bet.”