Illinois Governor J.B. Pritzker joins Kevin Goldsmith, managing director of community development tax credits and intermediaries lending at JPMorganChase (left), at a press conference on Sept. 10, 2024, announcing the firm has committed a new $10 million loan to the Chicago Community Loan Fund (CCLF), a certified Community Development Financial Institution (CDFI), to advance affordable housing development and revitalize neighborhoods in Chicago’s South and West sides.
The loan is part of JPMorganChase’s $200 million commitment to Chicago and 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. 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 CCLF is part of JPMorganChase’s $200 million commitment to Chicago, a certified Community Development Financial Institution (CDFI), which provides low-cost capital to developers targeting projects impacting communities of color in low-to-moderate income neighborhoods throughout Chicago.
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."
The commitment reflects JPMorganChase’s long-term commitment to Chicago and its surrounding neighborhoods. For more than 160 years, the firm has brought the best of its business to help power Chicago’s economy and serve its communities.
For over 160 years, JPMorganChase has been a committed partner in the development of Chicago, supporting the growth of communities and fostering inclusive economic development. 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 focused on expanding access to banking and boosting financial health among underserved communities.
JPMorganChase is committed to investing in and supporting the diverse neighborhoods across Chicago. The firm believes that investing in these neighborhoods is critical to creating jobs, driving economic growth, and promoting equity.
For more information about JPMorganChase’s work in Chicago, visit http://www.chase.com/ community/corporatesocialresponsibility/chicagoregion.
FAQs
What is the JPMorganChase Chicago Community Loan Fund (CCLF)?
JPMorganChase has a long-standing partnership with CCLF, a certified Community Development Financial Institution (CDFI) that provides low-cost capital to developers targeting projects impacting communities of color in low-to-moderate income neighborhoods throughout Chicago.How much has JPMorganChase committed to affordable housing development and revitalizing neighborhoods in Chicago’s South and West sides?
JPMorganChase has committed more than $10 million to advance affordable housing development and revitalize neighborhoods in Chicago’s South and West sides.What is the Communities of Color Loan Program, and how will JPMorganChase’s commitment impact it?
The Communities of Color Loan Program provides low-cost capital to developers targeting projects impacting communities of color in low-to-moderate income neighborhoods throughout Chicago. JPMorganChase’s $10 million commitment will help fill the capital access gap for smaller for-profit and nonprofit developers, providing sustainable, affordable housing and commercial spaces to underserved communities.What kind of projects have benefited from JPMorganChase’s support, and what kind of impact have these projects had on the local community?
The 2018 $10 million loan to CCLF’s Active Retail Program led to the creation or retention of over 200 jobs and the development of five local commercial real estate projects. These projects, including Bronzeville Cookin’, helped boost small business and retail storefronts in Chicago’s South and West sides.- What is the long-term impact of JPMorganChase’s commitment to affordable housing and neighborhood revitalization in Chicago?
JPMorganChase’s commitment to Chicago reflects the firm’s deep understanding of the city’s challenges and its long-term commitment to fostering inclusive, sustainable economic growth across Chicago. By supporting affordable housing and neighborhood revitalization initiatives, JPMorganChase is contributing to stronger, more prosperous communities for generations to come.
