Cities can now compete for $500M in economic funding from JPMorgan Chase

The initiative is aimed at building affordable housing and helping small businesses

TRD NATIONAL /
Sep.September 12, 2018 02:00 PM

JPMorgan Chase CEO Jamie Dimon and a map of the US with money in the background (Credit: Getty Images and iStock)

JPMorgan Chase  is starting a $500 million project meant to boost economic growth in up to 30 cities throughout the country.

The initiative is called “AdvancingCities,” and cities will compete against each other to receive the funding, according to the Wall Street Journal. The idea is tackle issues that traditional financing has had trouble reaching, JPMorgan CEO Jamie Dimon said. The program will focus on affordable housing, filling empty commercial buildings and helping small businesses negotiate leases and hire employees.

The bank plans on using public-private partnerships to invest in places where it can tackle issues like financial insecurity and employment barriers. JPMorgan is looking to invest in cities with a large amount of government entities and nonprofits.

Charitable investments will comprise half of the initiative, and the other $250 million will consist of loans for sustainable projects. The bank plans to tap an extra $1 billion for the project in outside capital.

Dimon told the Journal that this project is “very targeted in aiding economic development.”

The request for proposals will launch on Wednesday and close at the end of November. The bank will announce winners in the spring.

JPMorgan has been funding affordable housing in U.S. cities. From 2014 to 2019, the bank will have invested $150 million in Detroit, according to the Journal. It’s already invested $40 million in Chicago and $20 million in the Washington D.C. area. [WSJ] – Eddie Small


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

State Sen. Julia Salazar and Assembly member Harvey Epstein proposed the tax this month in an effort to disincentivize real estate speculation (Credit: iStock, Getty Images)

Experts take issue with proposed tax on mezzanine loans

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Some investors continue to find U.S. commercial real estate as attractive places to park their capital (Credit: iStock)

Brexits and Bubbles: How investors view Europe’s shaky real estate market

arrow_forward_ios
Loading...