Firm’s commitments from Baltimore to Richmond
reach $125 million since 2017 providing support for economic
opportunity, affordable housing and inclusive recovery for
underserved communities. $20 million will support organizations
providing services to Wards 7 & 8 in Washington D.C. and $20
million in Baltimore.
New report outlines lessons learned from
JPMorgan Chase’s ongoing regional philanthropic efforts and
provides a roadmap for further local business and government
collaboration
On Tuesday, JPMorgan Chase announced a $75 million, five-year
commitment in philanthropic capital and flexible low-cost loans to
the Greater Washington region. These investments are drawn from
critical lessons learned from the firm’s business growth and
community investments in the Mid-Atlantic region over the past five
years.
Wards 7 & 8 in Washington D.C. and Baltimore, Maryland will
each benefit from $20 million from the new commitment, while the
remaining $35 million will be divided up across the region
including to places such as Richmond, Virginia. This new commitment
brings the firm’s total investments focused on Black, Hispanic,
Latino and other underserved communities in the region to $125
million by 2025.
Prior to the pandemic, almost one-fifth of the D.C. population
was living in poverty. The racial wealth gap was eight times
greater than the national average, with white households in D.C.
having 81 times the wealth of Black households — and the pandemic
has only widened the gap (Urban Institute).
“Business must do its part to help solve challenges facing the
customers and communities it serves,” said Peter Scher, Vice
Chairman, JPMorgan Chase & Co “Addressing inequities
requires concerted and sustained efforts by public and private
sector partners that seek to build wealth for Communities of Color.
This new commitment, along with what we’ve learned from growing our
business and community support here, will hopefully be a model for
others to follow and help create meaningful, lasting, and equitable
change in the region.”
Creating a More Equitable Greater Washington Region
From the firm’s initial $10 million commitment, it has learned a
number of lessons which will inform its business and philanthropic
investments, collaboration with business and community partners and
policy support going forward:
1) Regional collaboration is necessary to
bridge the racial wealth divide
2) Invest in women of color, who are key
drivers of household economic mobility
3) Change systems by removing embedded
barriers through intentional and integrated investment,
philanthropy and policy
4) Invest in diverse-led organizations and
business that are “by and for” communities of color
Some of the firm’s new philanthropic investments, which have
been informed by these lessons, include support for an effort to
connect women to wealth building opportunities, and a long-term
affordable housing initiative that seeks to advance systems
change.
Connecting Women to Wealth-Building Opportunities in the
Region
As part of JPMorgan Chase’s annual competition to source
innovative and sustainable ideas to advance equity in communities
across the U.S., the firm sourced proposals for projects designed
for and by Black and Latina women to address racial and gender
wealth gaps.
Two of the six winning collaborations are from Washington, D.C.
and Baltimore, MD. Each collaboration has been awarded $5 million
to advance and help source solutions for women who have been
disproportionately impacted by the economic effects of
COVID-19.
- Advancing Early Education Collaborative—In the
Washington region, the majority of early childcare educators are
Black and Latina women and only one-fifth of all early childhood
educators in the Washington region have a bachelor’s degree.
Educators with bachelor’s degrees have more access to promotions,
and a higher average hourly wage (Urban Institute, 2018). With
JPMorgan Chase’s $5 million three-year commitment, Martha’s
Table, LIFT DC, Venture Philanthropy Partners, American
University, and Trinity Washington University will
launch the Advancing Early Education Collaborative—a partnership to
increase access to education, skills, and training opportunities in
the field of early education for Black and Latina women
specifically in Wards 7 & 8 in D.C.
- POWER: Prioritizing Our Women’s Economic Rise
Collaborative – 66% of Black and Latino Baltimore households
meet the standard for liquid-asset poverty. The largest percentage
of those experiencing poverty are women between 25 and 54, with 50%
of this population also being cost-burdened renters. With JPMorgan
Chase’s $5 million three-year commitment, Latino Economic
Development Center of Washington D.C., University of Maryland
Baltimore’s Community Engagement Center, Black Women Build
Baltimore, Baltimore- D.C. Building Trades, Byte Back and Baltimore
Community Lending will create a continuum of wealth building
programs for Black and Latina women real estate developers in West
Baltimore.
Closing the Housing Affordability Gap
By combining business, data, policy and philanthropic resources,
the firm aims to improve housing affordability and stability as
well as homeownership opportunities for Black, Latino and Hispanic
households in the Greater-Washington area.
JPMorgan Chase is supporting organizations that will create
sustainable solutions.
- Parity Homes– Redlining, urban renewal, and eminent
domain have decimated once thriving Black communities, limiting
opportunities for Black households to generate wealth. With
JPMorgan Chase’s $2 million three-year commitment, Parity Homes
will scale its approach to sparking upfront demand for
homeownership opportunities in neighborhoods experiencing hyper
vacancy by creating pathways for existing residents and other
social collectives to purchase homes together block-by-block as a
means of community-building and wealth-building.
- Equal Justice Works – With JPMorgan Chase’s $1.5 million
three-year commitment, Equal Justice Works will bring together a
group of lawyers and community organizers (‘Fellows’) as part of
its Housing Justice Program to increase access to high-quality
legal services and tenant resources for low-income Black, Latino
and Hispanic households and residents of public housing. Housing
Justice Program Fellows will also engage in high impact litigation
to support practices that protect the rights of tenants across
Virginia.
- Coalition for Nonprofit Housing and Economic Development
– With JPMorgan Chase’s $1.95 million three-year commitment, the
Coalition for Nonprofit Housing and Economic Development will lead
a multi-sector effort to help Black, Hispanic and Latino residents
build wealth by increasing the supply of safe, affordable housing
and building pathways for local ownership. This investment is part
of the firm’s collaboration with the Center for Community
Investment to support six cities to advance more equitable
housing results.
These commitments continue to be informed by recent progress and
insights from the firm’s philanthropic work in the region since
2017, and through conversations with local community, government
and business leaders in Washington D.C., Baltimore and
Richmond.
“We are focused, in Washington, D.C., on how we give more
residents a fair shot and make our city’s prosperity more
inclusive. Part of that work means bringing together public,
private, and philanthropic partners to make strategic investments
in the people and communities that need them most. And that’s what
we’re doing here,” said Washington, D.C. Mayor Muriel Bowser. “This
investment from JPMorgan Chase, an investment in Black and Latina
women, in early education, and in affordable housing, will give
more families in D.C. the fair shot they deserve.”
Tuesday’s announcement is part of JPMorgan Chase’s $30 billion
racial equity commitment to advance economic inclusion and help
close the racial wealth gap.
JPMorgan Chase has been doing business in Greater Washington
since 1999 and serves more than 2.3 million consumers and 94,000
business clients in the region. By the end of 2022, Chase is
expected to open more than 70 branches from Baltimore to Richmond
with 28% of branches in low to moderate income communities.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial
services firm based in the United States of America (“U.S.”), with
operations worldwide. JPMorgan Chase had $3.7 trillion in assets
and $294.1 billion in stockholders’ equity as of December 31, 2021.
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
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version on businesswire.com: https://www.businesswire.com/news/home/20220125005398/en/
Media Contact: Carolyn Evert, JPMorgan Chase,
Carolyn.Evert@chase.com
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