News and Updates

JPMorgan Chase Awards $5 Million PRO Neighborhoods Grant to Support Partnership of Florida Community Loan Fund & New Jersey Community Capital

JPMC’s Three-Year Investment to Increase Affordable Housing in Central Florida

 

New Brunswick, NJ (October 23, 2017) – JPMorgan Chase has awarded a total of $5 million to the Florida Community Loan Fund (FCLF) and New Jersey Community Capital (NJCC) to increase affordable housing in Central Florida. NJCC joined FCLF to receive the award in Orlando.

The three-year investment will allow both organizations to develop stable affordable housing of low- to moderate-income renters by:

  • Working with innovative developers like Crisis Housing Solutions to develop multifamily rental complexes using repurposed shipping containers;
  • Purchasing a bulk of real estate owned (REO) properties and rehabilitating them for affordable rental housing; and
  • Acquiring and renovating existing multifamily properties to preserve long-term affordability.

“Central Florida has one of the nation’s highest rates of cost-burdened renters and the greatest shortage of affordable housing,” said Mel Martinez, Chairman of the Southeast Region for JPMorgan Chase. “We’re investing in this region because we see local leaders and organizations working together to come up with innovative solutions to fix this problem.”

Due to the lack of affordable rental units and other barriers, one in 50 families in Central Florida – including one in 17 children – experience homelessness each year, according to a 2015 report by Barbara Poppe and the Central Florida Commission on Homelessness. Many of these families end up living in hotels or motels, doubling up with other families, or in homeless shelters.

“To effectively address Central Florida’s inadequate supply of affordable housing, the solutions must be implemented at the regional level. We must continue to work together as a collaborative marketplace,” said Orange County Mayor Teresa Jacobs. “We are thrilled to once again receive the generous support of JPMorgan Chase. Thanks to their commitment, vision and leadership, together we are making Orange County one of the best places to live, work and raise a family.”

The Florida Community Loan Fund will serve as the fiscal manager for the collaborative and provide on-the-ground management of program activities. It will also lead the multifamily project and use its relationships with Florida community development organizations and government entities to advance the initiative into other cities.

“We have worked to drive inclusive and equitable growth in Florida for many years. JPMorgan Chase’s investment will scale our impact in the Central Florida region,” said Ignacio Esteban, CEO of Florida Community Loan Fund. “With this support, we will expand the local affordable housing market, enabling more individuals and families to thrive in our community.”

New Jersey Community Capital will lead the investment process to purchase REO properties and work with local non-profits to rehabilitate those properties. It will also partner with local developer Crisis Housing Solutions to identify and purchase land to build new multifamily rental complexes using repurposed shipping containers.

“We are honored to partner with Florida Community Loan Fund, share our mission and expertise, and expand our geographic footprint into Orlando to stall the effects of the national rental housing crisis,” said Wayne T. Meyer, President of New Jersey Community Capital. “We are grateful for the tremendous support from JPMorgan Chase and look forward to growing affordable rental housing in the Sunshine State.”

JPMorgan Chase has awarded more than $2 million to support affordable housing solutions in Central Florida in the last two years – including a recent $450,000 grant to Crisis Housing Solutions to develop the nation’s first multifamily rental complex using repurposed shipping containers.

This new $5 million investment is part of JPMorgan Chase’s $125 million, five-year PRO Neighborhood initiative that awards  collaborative partnerships that revitalize neighborhoods in cities across the nation that have been left behind by the recovery. PRO Neighborhoods provides the necessary capital to local community development financial institutions (CDFIs) to address the drivers of economic opportunity in neighborhoods. The CDFIs work together to pool resources and expand lending activities for building health and education facilities, open retail centers and support community services in area neighborhoods.

 

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About Florida Community Loan Fund

Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 20+ year history of providing flexible capital and expertise to low income communities across Florida. FCLF is nationally recognized for its work as a certified CDFI and CDE through the U.S. Dept. of Treasury and as a member of the Federal Home Loan Bank of Atlanta. FCLF has financed $308 million through 275 loans in Florida, making possible over $910 million in new investments in low-income communities. As a lending institution, FCLF’s borrowers include nonprofits and for-profit mission-focused developers, housing authorities, a wide range of social service organizations, and community health centers. Investors and supporters of FCLF include financial institutions, corporations, foundations, religious investors from various denominations, and federal and state government.

About New Jersey Community Capital

New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides innovative financing and technical assistance to support the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods. Founded in 1987, NJCC has invested over $630 million in New Jersey communities, resulting in over 8,800 housing units, 7,300 early care slots, 16,500 education seats, and 9,600 jobs. For more information, visit: www.newjerseycommunitycapital.org.

 

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