JPMorgan Chase is providing funds for the construction and restoration of 150 affordable homes in Chicago. The move comes more than two months after modular construction firm Skender Manufacturing closed down after 16 months in the city, halting plans to build dozens of affordable apartments buildings in vacant lots across Chicago.
JPMorgan will donate $7.2 million for its project, which will finance the construction of 100 prefab homes and renovation of about 50 existing properties in the Southwest and West Sides, according to Crain’s. Affordable housing nonprofit Resurrection Project will lead the effort.
The money is part of a $37 million fund JPMorgan will use for similar projects in cities across the country, according to the report.
In late September, the asset management arm of JPMorgan launched a $700 million fund focused on developing single-family and multifamily rental properties in Sun Belt cities.
[Crain’s] — Orion Jones