JP Morgan Chase & Co. Awards $5 Million to Local CDFI Collaborative to Invest East of the River
Wacif to lead efforts to support entrepreneurs in Wards 7 and 8 as part of the 11th Street Bridge Park’s Equitable Development Plan
Washington, D.C. (September 26, 2017) – Yesterday, JPMorgan Chase & Co. unveiled the 11th Street Bridge Park as a national winner of its Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) annual competition. The winning collaborative, which is led by Building Bridges Across the River, and comprises a partnership between the Washington Area Community Investment Fund (Wacif), City First Enterprises, and the Skyland Workforce Center, will receive $5 million over the next three years to make strategic investments on goals outlined in the 11th Street Bridge Park’s Equitable Development Plan. The collaborative will work together 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.
“By making deliberate and intentional investments in historically underserved neighborhoods, we are able to get more District residents on pathways to the middle class,” said District of Columbia Mayor Muriel Bowser. “Today, we know that while D.C.’s economy is thriving, not enough residents are benefitting from our city’s prosperity. JPMorgan Chase’s commitment is a welcome addition to the civic and community partners working to ensure that residents in every corner of D.C. are able to participate in the inclusive prosperity of the city, not just witness it.”
“This is a timely and welcomed investment by JPMorgan Chase in areas of the city that need it most,” said Harold Pettigrew, Wacif Executive Director. “We must continue to drive investment locally to ensure that all of our residents can enjoy the benefits of equitably developed neighborhoods by preserving affordable housing, creating economic opportunity, and investing in our neighborhoods east of the river.”
“We’re thrilled that JPMorgan Chase recognizes the community-driven work we are doing to ensure nearby residents can stay and thrive in place,” said Scott Kratz, Director, 11th Street Bridge Park, a project of Building Bridges Across the River. “Bringing affordable housing, job opportunities and wealth creation is critical to maintaining the integrity and sustainability of the neighborhoods east of the Anacostia River.”
The annual PRO Neighborhoods competition represents a commitment to invest $125 million over five years to identify and support custom solutions for the unique challenges facing disadvantaged neighborhoods in U.S. cities. This round of competition was the most competitive of its four rounds, with only four collaboratives being selected from 34 applications received from around the country.
The PRO Neighborhoods announcement is part of a larger $10 million, three-year investment to help drive inclusive economic growth in underserved Washington, D.C. neighborhoods, most notably in Wards 7 and 8. This long-term commitment is the firm’s third investment in a major U.S. city. It combines the firm’s business expertise and collaboration with local business and community leaders to invest in four key drivers of inclusive growth: jobs and skills, minority-owned small business expansion, neighborhood revitalization and financial health.
“We’ve seen in our work in the United States and around the world that collaboration is critical to developing long-term, regional economic solutions that benefit everyone and we’re seeing more of this taking place in Greater Washington every day,” said Peter Scher, Chairman of the Washington, DC region for JPMorgan Chase and Global Head of Corporate Responsibility. “By working with business, community and civic leaders, our investment will accelerate efforts to drive inclusive growth in Wards 7 and 8 and create more opportunities for more people.”
This year, Wacif is celebrating its 30th anniversary at its annual celebration on September 28, 2017. For more information on sponsoring or attending the 30th Anniversary Celebration and Network Event, please visit https://wacif.org/30-years/.
To learn more about JPMorgan Chase & Co. and its community investments, please visit www.jpmorganchase.com
About Washington Area Community Investment Fund
The Washington Area Community Investment Fund, Inc. (Wacif) is a regional nonprofit community development organization whose mission is to promote equity and economic opportunity in underserved neighborhoods in the Washington, D.C., metropolitan area. Since its inception in 1987, Wacif has closed nearly 400 loans totaling over $32 million, with strategic investments in small business startup and growth, affordable housing and cooperatives, and child care and community facilities. For more information on Wacif, please visit www.wacif.org.
About Building Bridges Across the River
The mission of Building Bridges Across the River is to improve the quality of life for children and adults who reside east of the Anacostia River by providing leadership, management and financial oversight of the Town Hall Education Arts Recreation Campus (THEARC). Through a collaboration of partner organizations, THEARC provides access to high quality educational, health, cultural, recreation, and social service programs. By providing these programs, BBAR and its partners aim to contribute to the revitalization of the community in southeastern Washington. For more information, please visit http://www.thearcdc.org/.
About JPMorgan Chase & Co.
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, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers 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.