JPMorgan Chase's five-year $125 million initiative for disadvantaged neighborhoods nationwide includes an affordable housing component, a press release announcing the program said.
The program, PRO Neighborhoods, will provide local groups with funds to acquire, refurbish and provide affordable housing in communities that are at risk of gentrification.
Another component to PRO Neighborhoods will be working with Community Development Financial Institutions so they can pool resources and expand lending activities for building health and education facilities, opening retail centers and supporting community services.
This program expands upon Chase's 2014 $33 million PRO Neighborhood pilot program. That program allowed 26 CDFIs to raise more than $226 million, seven times the original amount, in additional capital for local economic and social service projects. This has resulted in $100 million in loans, financing first-time home purchases, the preservation and development of over 2,000 units of affordable housing, lending to over 130 small businesses, and creating and retaining 2,650 jobs, Chase said.
