FOR IMMEDIATE RELEASE
Contact: Perry B. Newman, [email protected], (617) 533-9551
JPMorgan Chase Commits $100,000 to Develop an Equitable Neighborhood Plan in Upham’s Corner, Boston to Drive Economic Opportunity
PRO Neighborhoods invests in planning grants to incentivize local leaders to identify the greatest needs facing their communities and develop capital plans to advance equitable development in distressed neighborhoods
[BOSTON, October 2018] – JPMorgan Chase & Co. announced a $100,000 planning grant to a Boston-based collaborative team, Pathways Home, to create economic opportunity in Upham’s Corner through an effort to maximize equity as the area undergoes rapid transformation. As part of the firm’s $125 million, five-year Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) Competition, the Pathways Home team, consisting of Dorchester Bay Economic Development Corporation, Blue Hub Capital (formerly Boston Community Capital), Boston Medical Center, Community Economic Development Assistance Corporation (CEDAC), and the Corporation for Supportive Housing will develop an equitable neighborhood plan for the rapidly changing Upham’s Corner neighborhood of North Dorchester.
With equitable and inclusive economic growth at the heart of the strategy, JPMorgan Chase recognizes the importance of having a plan in place to develop and drive equitable outcomes for families, businesses, and communities. That’s why this year’s PRO Neighborhoods competition included planning grant opportunities for local leaders to identify the greatest needs facing their communities and develop data and community-driven neighborhood plans—14 planning grant winners received $1.8 million this year in addition to the four capital grant winners in Fresno, Milwaukee, New Orleans and Philadelphia.
“We are proud to make an investment that will strategically bring local partners together to push for positive change in Dorchester’s Upham’s Corner,” said Rick MacDonald, New England region manager for JPMorgan Chase Commercial Banking. “This investment will help give organizations the means to put ideas on paper and develop a blueprint of economic growth.”
PRO Neighborhoods provides the necessary capital to local community development financial institutions (CDFIs) to address the drivers of economic opportunity in neighborhoods. These 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.
The Pathways Home team intends to work with area residents and key neighborhood partners in developing their plan.
“We are thrilled at the opportunity afforded to us and our partners to make a contribution to equitable development and real economic opportunity in Upham’s Corner,” said Perry B. Newman, CEO of Dorchester Bay Economic Development Corporation on behalf of the Pathways Home team. “The area is undergoing an exciting and rapid transformation, and it is essential that local stakeholders and partners work together to ensure that the development of this community is equitable and provides stability as well as an opportunity for all residents. Through an equitable development planning process, we can help to make that a reality.”
Measuring the Impact of PRO Neighborhoods
JPMorgan Chase has hosted five competitions to-date, awarding more than $98 million to 25 groups of collaborating CDFIs in communities across the country – work that’s highlighted in a new progress report by the Joint Center for Housing Studies of Harvard University. Among other highlights, the report found that the winners of the first three competitions leveraged JPMorgan Chase’s nearly $68 million in support to raise an additional $717 million in outside capital, issued over 21,000 loans to low-to-moderate income customers, and created or preserved over 3,000 affordable housing units and 11,000 quality jobs.
Visit www.jchs.harvard.edu to learn more about this work.
About Pathways Home
The Pathways Home Collaborative is committed to equitable and holistic community development in Boston. Dorchester Bay Economic Development Corporation is the convener for the PRO Neighborhoods planning on behalf of the Dorchester Bay Neighborhood Loan Fund (DBNLF). BlueHub Capital will provide flexible, patient financing for a range of projects. Corporation for Supportive Housing will bring experience in collaborations for population-specific housing development. Community Economic Development Assistance Corporation offers strong expertise in state funding and holistically-minded community development. Boston Medical Center can provide direct services, research and finance to act on its belief that housing is a prescription for health.
More information about the organizations in the collaborative can be found at:
Dorchester Bay Economic Development Corporation www.dbedc.org
BlueHub Capital www.bluehubcapital.org
Corporation for Supportive Housing www.csh.org
Community Economic Development Assistance Corporation www.cedac.org
Boston Medical Center www.bmc.org
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management, and private equity. 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. Follow JPMorgan Chase on Twitter @JPMorgan or @Chase and Facebook.
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