Press Releases
The new commitment deepens the firm’s 160-year presence in Chicago and will help the Chicago Community Loan Fund meet affordable housing needs
CHICAGO
September 10, 2024
JPMorganChase has committed more than $10 million to advance affordable housing development and revitalize neighborhoods in Chicago’s South and West sides. The new loan to the Chicago Community Loan Fund (CCLF), a certified Community Development Financial Institution (CDFI), is part of JPMorganChase’s $200 million commitment to Chicago. The loan will support CCLF’s Communities of Color Loan Program, which provides low-cost capital to developers targeting projects impacting communities of color in low-to-moderate income neighborhoods throughout Chicago. Illinois Governor J.B. Pritzker joined JPMorganChase and CCLF to announce the new commitment.
High borrowing costs and a lack of access to equity financing have contributed to disinvestment and an affordable housing shortage in low-income communities throughout Chicago. The new $10 million commitment will help fill the capital access gap for smaller for profit and nonprofit developers at a time when many of those borrowers are struggling to attain affordable financing. Additionally, JPMorganChase will provide $275,000 in philanthropic capital to CCLF, a portion of which will directly support the Communities of Color Loan Program.
The new loan to CCLF builds upon a long-standing relationship between the two organizations, including through a previous 2018 $10 million loan by JPMorganChase to CCLF’s Active Retail Program to help boost small business and retail storefronts in Chicago’s South and West sides. The commitment led to the creation or retention of over 200 jobs and the development of five local commercial real estate projects—including Bronzeville Cookin’—a culinary and entertainment space in the heart of the historic Bronzeville community in the South side of Chicago.
“We at JPMorganChase are proud of our 160-year presence in Chicago and ongoing work to bolster inclusive, sustainable economic growth across the city,” said Tim Berry, JPMorganChase Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region. “This partnership between business and community builds on our deep commitment to supporting the city’s South and West Sides and will not only advance housing affordability, but also contribute to more prosperous communities that will benefit Chicagoans today and for generations to come.”
“Increasing and preserving access to affordable housing is among the most urgent issues facing Chicago’s South and West sides,” said Kevin Goldsmith, Managing Director of Community Development Tax Credits and Intermediaries Lending at JPMorganChase. “After successfully working with the Chicago Community Loan Fund to bolster small businesses in 2018, we’re proud to double down on our support for them to continue making transformative investments that champion housing affordability, revitalize neighborhoods, and drive inclusive economic growth across Chicago.”
“Investing in all of Chicago’s communities demonstrates our commitment to all Chicagoans and the principle that every neighborhood, regardless of zip code, deserves opportunities to grow stronger,” said Governor JB Pritzker. “Investments from companies like JPMorganChase who have made Chicago their home are a crucial part of building a city and state that works for everyone, and the work CCLF supported by investments like these does just that.”
“This new investment was critical in launching CCLF’s second tranche of its Communities of Color Fund,” said Bob Tucker, CCLF Interim President. “This initiative will provide sustained, low-cost capital to help our borrowers develop healthy communities with housing, commercial facilities, retail and social enterprises in long-time underinvested communities. The substantial infusion of capital by JPMorgan Chase will advance CCLF’s goal to transform our entire region into one with equitable prosperity for all.”
Financial commitments and technical assistance from JPMorganChase have helped CCLF increase their total assets by more than $100 million, with CCLF now holding nearly $180 million in total assets.
For more than 160 years, JPMorganChase has brought the best of our business to help power Chicago’s economy and serve its communities. Across Greater Chicago, the firm currently serves more than 4.2 million consumers and 380,000 small businesses through more than 275 local Chase branches—including 16 community branches that are focused on expanding access to banking and boosting financial health among underserved communities.
Since 2017, the firm has committed to providing $200 million in philanthropic capital and low-cost loans to address decades of disinvestment in Chicago’s South and West sides. The firm has also provided more than $17 billion over the last five years to help finance Chicago’s essential institutions, including hospitals, schools, colleges, universities and other large corporations and employers.
Founded in 1991, Chicago Community Loan Fund is a federally certified Community Development Financial Institution (CDFI) providing flexible, affordable and responsible financing and technical assistance for community stabilization and development efforts and initiatives that benefit low- to moderate-income neighborhoods, families and individuals throughout metropolitan Chicago. To date, CCLF has closed 633 loans totaling more than $357.1 million in capital that has leveraged more than $1.9 billion in public and private sector capital for community projects. For more information, please visit cclfchicago.org.
The Communities of Color Loan Program, launched in 2021 by CCLF, addresses racial equity in low- to moderate-income neighborhoods throughout Chicagoland, with a focus on Chicago’s South and West sides and suburban markets that lack access to low-cost capital.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.1 trillion in assets and $341 billion in stockholders’ equity as of June 30, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
