JPMorgan backs effort to preserve some affordable housing in wake of 11th Street Bridge Park project
By Michael Neibauer Associate Editor, Washington Business Journal
JPMorgan Chase & Co. on Monday announced it will invest $5 million in a fund meant to prevent the proposed 11th Street Bridge Park from driving up housing values and forcing Ward 8 residents from their homes.
JPMorgan will support a collaboration between Building Bridges Across the River — the nonprofit behind the $45 million-plus conversion of the former 11th Street Bridge into a park — and two Community Development Financial Institutions. The $5 million will go toward a plan to “develop and preserve affordable housing near the 11th Street Bridge, provide capital to minority and locally-owned small businesses, and provide construction training to local residents for work on the 11th Street Bridge Park.”
The contribution comes six months after JPMorgan announced it would contribute $250,000 to a community land trust for neighborhoods in Wards 8 and 6, on either side of the bridge park.
“We’re investing in D.C. because we see local leaders working together and innovating to make opportunity available to all Washingtonians no matter the neighborhood they live in,” Jamie Dimon, JPMorgan CEO, said in a release.
The $5 million investment in housing will be augmented by another $5 million from JPMorgan to support regional economic growth, neighborhood revitalization and other broader initiatives in the D.C. area.
“Bringing affordable housing, job opportunities and wealth creation is critical to maintaining the integrity and sustainability of the neighborhoods east of the Anacostia River,” Scott Kratz, director of the 11th Street Bridge Park, said in the release.
JPMorgan currently employs about 250 people in Greater Washington, where it has done business since 1999. Globally, the company has assets of $2.6 trillion.
The 11th Street Bridge Park, not expected to open before late 2019, will be the District’s first elevated public park, located on the piers of the old 11th Street Bridge spanning the Anacostia River. The team of OMA + OLIN was selected in October 2014 to design the ambitious project. Building Bridges Across the River has raised more than $15 million toward the effort.
This article appeared in the Washington Business Journal, September 25, 2017 https://www.bizjournals.com/washington/news/2017/09/25/jpmorgan-backs-effort-to-preserve-some-affordable.html