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Home My WebLink AboutHandout - Innovative Strategies PR� NEIGHBORHOODS JPMoxGa�CxasE&Co. • nn v iv 0 a . e r i e .. � � • ♦ : • . � � � . � .. . f C} r f'�1/It� I IZI n � . . �tJ 1"1''� I"1'"l l�,l 11 �� I �'S . . .: , ,��g�;�� _ � �� . , . ., , � , , �. : �+ � . s ��Pa - � �� =*� �� .�.�� • . .. • _.. _ , . .� .w ., _. .�`»'.� , -,: . :. � . . . . - . _ � ., _ .; �` �,_ F a� , , „ _ �a�� t r�� . , n � , ,, s ,. , - r-.o..�,.,ww�, ,- �. � . , �+ , ' . .. . . . .�+., ��, . .« : �.: 4.. ' ��'Swi..,. .... . . . _ �w �„-....:, .� .......�.— . t . ,__ .�. .�_. _ ' . , . 4 t -.: . . , .e ,. . . � . � d s'" �it• �_ . _'i � r _3 IM .. " - iSii ._ �. ., � ' ., . . . .. , _� ' — *� . .� , .ti VT �� :�S i � " �....^e' ��, at}'�. ;x.s•. ...G ..! : ! :. _ � ..... � .t ��+,-a..«. i �� t E ,Pa �.r' _. "... ..,,. _�� s �`� .�. .. 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I or uni es JPMorgan Chase recognizes that thriving �p�organ Chase neighborhoods are critical to the long-term . . economic success of individuals, is launching . communities and cities. PRO Neighborhoods At a time when economic growth is often channeled toward a $125MM, five-year initiative to foster reviving commercial corridors and downtowns, many inclusive economic growth by providing neighborhoods are being left behind. As several key barriers communities with the tools they need to economic mobility are rooted in neighborhood conditions, to address key drivers of inequality. cities need tailored, comprehensive strategies for economic growth that ensure opportunities to prosper are extended to distressed neighborhoods and the families that live there. �� Collaborative Partnerships Driven by Data with Community Development Neighborhood demographics are changing Financial Institutions rapidly.Armed with high-quality data Innovative Financing for about land use,housing trends,and PRO Neighborhoods brings Community shifting demographics,communities Development Financial Institutions Affordable Housing can better understand the most urgent (CDFIs)together to jump start qvailable and affordable housing is Problems and create targeted solutions, community and economic revitalization as well as share common challenges and in neighborhoods challenged by blight fundamental to healthy communities. learnings across cities.PRO Neighborhoods As public subsidies for housing decline, or gentrification.The initiative will host will commission research to understand an annual competition among CDFIs to there is a critical need to identify new the implications of demographic shifts and foster collaboration and investment in and innovative financial tools to help help cities become smarter about what - areas that help neighborhoods thrive and make affordable housing available strategies will work best and where to grow,such as small businesses,health and connected to resources that drive apply local support. and education facilities,retail centers, economic mobility. PRO Neighborhoods and essential services.Participating CDFIs is providing critical seed capital to will leverage our investment with the test new models that will enable our goal of scaling the most promising and partners to acquire,refurbish and sustainable approaches. provide affordable housing where it is needed most. �y � �� ,��►��r�, ■# Camnnu�ity lan�d trust FOR IMMEDIATE RELEASE Information Contact: Date February 13, 2017 Kathleen Hosfeld, Executive Director 206.323.1227 Ext. 113 kathleen@homesteadclt.org JPMorgan Chase Foundation Grant to Homestead Community Land Trust Supports Affordable Homeownership Development in Renton's Sunset Area The Homestead Community Land Trust announces that JPMorgan Chase Foundation has awarded it $500,000 over three years to support the development of homes for ownership affordabie to low to moderate income residents of the Sunset neighborhood in the City of Renton. Homestead will be the exclusive developer partner with the Renton Housing Authority in the area of affordable homeo�vnership as part of a coordinated, multi-stakeholder revitali�ation effort known as the Sunset Area Transformation Plan. "Homestead is honored by JPMorgan Chase Foundation's grant and for the opportunity to work with the Foundation,the City of Renton,the Renton Housing Authority and other community partners to fulfill community hopes for homeownership in the Sunset neighborhood,"said Kathleen Hosfeld, Executive Director of Homestead Community Land Trust. "This generous gift from the JPMorgan Chase Foundation will support the transformation of the Sunset area to a healthy, equitable and inclusive community, where families of all income levels experience quality of life and access to the wealth-building potential and other benefits of affordable homeownership," Hosfeld said. The Sunset Area is a 269-acre neighborhood originally developed as a World War II Defense Corporation project to provide temporary housing with minimal supporting infrastructure for employees serving in local factories.Today it serves a racially diverse population of primarily working- age adults (65.7%). The poverty rate is 26.4%versus 15.9%for Renton and 12.5%for King County. The homeownership rate in the Sunset Area is 34.2%compared with 49.2%for Renton and 52.9% for King County. The City of Renton has been working with the Renton Housing Authority,the Renton School District, and other partners for more than 10 years to help revitalize the Sunset Area. To date,the above entities have invested, committed or secured more than $89 million for community development 412 Maynard Avenue South,Ste.201. • Seattle,WA 98104 • (206)323-1227 • infoC�HomesteadCLT.org www.HomesteadCLT.org �� '� projects in the Sunset Area. Completed projects include a new early learning center and accessible playground,a new 15,000-square foot library, 26 units of affordable rental housing, a regional storm water facility and other infrastructure improvements. Additional projects are currently underway or pianned for the near future. "RHA buiit more than 3,000 units of temporary duplex housing for working families who supported the WWII effort. Many of these units in the Sunset neighborhood remain today, as rental units.To develop an affordable homeownership program in this neighborhood, is to build a new legacy of community investment and self-sufficiency for eligible families"said Mark Gropper, Executive Director of the Renton Housing Authority. "Homestead CLT has a proven ability to deliver on such a vision,and in fact is largely responsible for facilitatingthe possibilities of a sustainable homeownership program for Renton and its Housing Authority. I couldn't be more pleased, and honored, by this opportunity to make a lasting difference here in the lives of the children and their families who will participate with us as ne�v homeowners," Gropper said. "At JPMorgan Chase, we believe that thriving neighborhoods are critical to the long-term economic success of our cities and to addressing barriers to economic mobility for low-income families,"said JPMorgan Chase Pacific Northwest Regional Philanthropy Manager, Cat Martin. "By providing successful homeownership possibilities, organizations like Homestead Community Land trust are creating opportunities for generations to come.We commend their ongoing commitment to inspire action and to collectively transform Renton's Sunset area into a healthy, equitable, sustainable and inclusive community." Homestead will be the lead developer on a keystone townhome project providing new high-quality homes for limited income buyers. Homestead will provide all pre-development,development and project management services to plan and build the units. Homestead will work in partnership with HomeSight,a certified counseling agency,to provide pre-purchase counseling and homebuyer education.As a community land trust, Homestead will market and sell the homes, providing support to buyers through the purchase process and after sale. Community land trusts are strategic partners to communities who want to leverage public and private investments in affordable homeownership to serve more families over the lifetime of each development. Homeowners buy their home and lease their land from Homestead for a small monthly fee.This reduces the cost of the home to below market rates which puts ownership within reach of Page 2 �y �' limited-income families. In exchange for this opportunity, homebuyers agree to a formula resale price that allows the owner to build equity but keeps the price of the home affordable to the next limited income buyer. Buyers can keep their homes for as long as they wish, but when they resell they make the same dream of ownership possible for the next buyer. Once a home becomes a community land trust home it is permanently affordable, preserving income diversity in neighborhoods as they revitalize. ### Homestead Community Land Trust was founded in 1992 to arrest the displacement of low-to moderate-income people from rapidly gentrifying neighborhoods in King County. Our community- based model makes homes permanently affordable through partnerships with funders and homeowners themselves.As a result, Homestead's growing portfolio of homes serves multiple famities over time, giving affordability a permanent address in our communities. We provide the King County residents who keep our communities vital—including mail carriers, police officers, grocery clerks,social workers, nurses and teachers—the opportunity to gain stability for their families, safely accrue equity,and put down roots in their communities.'We serve families who make less than 80% of area median income; more than half are people of co�or. Our staff supports over 210 active I homeowners,and develops new homeownership opportunities through housing development and partnerships with other housing organizations. JPMorgan Chase&Co. is one of the oldest, largest and best-known financial institutions in the world. The firm's legacy dates back to 1799 when its earliest predecessor was chartered in New York City. At JPMorgan Chase, we believe we have a fundamental responsibility to help our clients and our communities navigate a complex global economy and address their economic and social challenges. We use our strength, global reach, expertise, relationships, and access to capital to make a positive impact in cities around the world. In 2015,the firm and the JP Morgan Chase Foundation gave more than $200 million to thousands of nonprofit organizations across 47 U.S.states,the District of Columbia, and 43 countries. More than 47,000 employees provided 310,000 hours of volunteer service in local communities around the globe. The JPMorgan Chase Foundation works with community partners to create pathways to opportunity by supporting workforce development,financial capability, small business development and community development in the regions where we do business. For additional information, please visit www.homesteadclt.or�or www.SunsetRenton.com Pa ge 3 JPMORGAN CHASE BLCO. • • I�ZV ZYl INCLUSIVE ECONOMIC GROWTH JPMorgan Chase & Co. is investing $1 billion over the next five years toward programs focused on boosting economic growth and expanding access to economic opportunity. Through its comprehensive corporate responsibility model, JPMorgan Chase is leveraging its scale, data, technology, talent and resources to invest in four key drivers of economic opportunity: workforce development, small business expansion, financial health and neighborhood revitalization. Below are examples of JPMorgan Chase's inrtiatives serving communities around the globe. Helping people get the skills they need to compete in the labor market is critical for expanding access to opportunity and promoting economic mobility. Through our global initiatives New Skills at Work and New Skilis for Youth, JPMorgan Chase is investing$325 million over five years to provide adults and young people with critical support, education and training to build in-demand skilis while providing employers with the workforce they need to grow and compete in today's economy. As part of this work,our firm also leads The Fellowship Initiative, an intensive academic leadership and development program to equip young men of color—in New York, Los Angeles and Chicago—with the skills, networks and resources they need to graduate from college and succeed in work and in life. . � Our community development efforts focus on creating vibrant communities and neighborhoods that offer residents access to opportunity through partnerships, innovative financing and data to address the key drivers of inequality. PRO Neighborhoods, our$125 million,five-year initiative, seeks to identify and support solutions for creating economic opportunity in disadvantaged neighborhoods around the country. . . � . . . . Small businesses are vital engines of job growth and economic stability in the neighborhoods they serve. Yet many low-and moderate-income small businesses lack access to vital resources needed for success. Small Business Forward, our$75 million, three-year initiative, is supporting underserved small business owners by connecting them to critical resources that help them grow faster, create jobs and strengthen local economies. � ' • In 2014, JPMorgan Chase made a$100 million,five-year pledge to support and accelerate DetroiYs economic recovery. Here is how we are targeting our investment: �SO million ,�50 million in foans and grants to two Community Development Financial to strengthen the city's workforce development system, Institutions (GDFIs)to fund and catalyze further investment in launch and grow small businesses, stabilize neighborhoods housing, commercial and manufacturing projects and support other transformative investments Through collaborative partnerships across the city, our comprehensive efforts are making a significant impact in DetroiYs recovery and are serving as a valuable model for other cities seeking to advance progress. �TPMORGAN CHASE &CO. • • . • • • . Through the Global Cities Initiative—a joint project of Brookings and JPMorgan Chase—and our work in cities around the globe, we are helping metro leaders develop strategies that create economic opportunity for more people and bolster the long-term vitality of their communities. . � . . � � . . � . Our commitment to drive sustainable change in our communities involves much more than financial capital. JPMorgan Chase sends teams of our top-performing employees from around the world to put their skills and expertise to work on behalf of nonprofit partners that are helping build stronger communities. SUPPORTING In 2015, JPMORGAN CHASE Since its launch in 2013,this highly COMMUNITIES ,�� SERVICE CORPS selective program has contributed AROUND THE � 16,8�� WORLD JPMorgan Chase '��''� �� ` � employees around the world �� hours to volunteered more than �' 3� -31�,�� s ' ��«` projects in Detroit, Michigan; hours to , � { New Orleans, Louisiana; Mumbai, � 3�� India; Uberlandia, Brazil; and � '� Johannesburg, South Africa. service projects. • • • • C � � � � Financially healthy individuals increase the stability and resilience of their communities. Through product innovation, community partnerships, research and innovative financial capability programs like the Financial Solutions Lab, JPMorgan Chase is helping identify and scale technology solutions to help consumers manage their daily finances, weather unexpected emergencies and meet their long-term goals. ■ ■ � . . . . . � � � . � . As part of our long-standing commitment to supporting U.S. military service members and veterans,we are supporting programs and initiatives that help position veterans and their families for long-term post-military success. Since 2011,JPMorgan Chase has hired 11,000 veterans and co-founded the Veteran Jobs Mission,which promotes hiring veterans.The coalition has grown to 235 companies and committed to hiring 1 million veterans. ' � • • ` ' S ' JPMorgan Chase leverages its core expertise in the financial markets to promote sustainable business practices and help clients capitalize on emerging opportunities that seek to achieve positive environmental and social impacts. We also collaborate with nonprofits, investors and other stakeholders to pilot new models of sustainability innovation and market development. ` ' : � . . � � � ; � ■ � . Data has the power to�dvance economic progress and create more widely ,TPMORGAN CHASE 8L.CO. shared prosperity.The JPMorgan Chase Institute, a global think tank launched in 2015, is dedicated to delivering data-rich analyses and expert insights for INSTITUTE the public good. Leveraging the unique assets and proprietary data of the firm, the Institute aims to help decision makers use better facts, timely data and thoughtful analyses to address critical issues and advance global prosperity. To learn more, visit https://www.jpmorganchase.com or contact us at corporate.responsibility@jpmchase.com. � � � • . ' ' � � . ' 1 . � 1 ' � . • ' � ' � ' � � � � � 1 . 1 . ' � ' � � � � � � � . • � • � � � � � �• . � � '� 11 � � �- � � ' • ' � • � � � - . �� . � - . � • - • �� . �� . � � •� � • � . � ' ' • : • ' • • � � � �� "^ N Ilpi IF� �p '�.��3��+i��„� �ill �IIV IIII� �,v,� � � �+' I��ilu��li 41I�� , According to an impact assessment by � The Harvard Joint Center on Housing JPMOrgdn ChdSe • Studies,our initial $33 million � The success of the 2014 pilot IdUnChed d ° investment with � and a second „��a i�� w� �� ' ��f�� 'i��I ''�G'�h�� a�� '�'��u��I� '�I��' ; �� '' � ,�� . �� Y�„ p�i��l'�a.R�FRN ��,V�Ih1i9ild��A ��, �� i i ui ' R � ��3 u� V�.. pilot program in Z014 to support � � I�INu,��F .P�:�'�I�w �� R�:::� innovative strategies developed � � ��',�,.�?.N ;9N 4ih��'�tl uVI:II,N�i�,,,� +,�' �� If''��;li � by local organizations that deliver ; _ helped us build a model for much needed economic resources � leveraged an additional locally-driven,tailored support and social services to the most „ of individual communities called vulnerable neighborhoods in ° �I'""'�� ° '"" � � PRO Neighborhoods. our cities across the United States. „ �� °��'�'m��l�� „��'�� :" �,III' iPs.illl�l��r�� 't '�u'�I�"Ilu�l;", , y P;:: � �3�.�'d I'�I��II i o,,'l ° Areas of Focus Small � Real "'��` Healthy ,ry�a��n� „ Health "'u"ji6� Consumer Housing �,�,�,� business � estate , a food � care �mp!"�"" '"'°'" lending � 1 � . � � . �� " `� �`�� : ��:�� >' �. � �` .�i. � I � �� • � 1 � � �. � �� -��z�a�rr� .,,. , ,,_,. � � � : ` •. -� � ' r :. . - • .�• . • � • . - • I ' �� " ' ,.,>;�.nc'�c.,, , �(.,—: �. a � �• � �. . � .i� � �, - - ' '� �r'r��.� .,;,,:: .. .,. ... 1' � �' •1 � ' � _. ',+y„ ,,. � � � � • � � '� � • � �-�'� �� . � ....,�.K.k�..., .: ' . � � . . . . • • � ' '� ' � �� ' ' .. Y -...: ::., � . -� '�r�:, ; p... ...... °� : 'N a" e.�� ... ,. , �..::.� x �� .r a :, r €��, Investing in �Ieighborhoods . r s merica c os thicage CDFI coiCaboratiue, � PRO Neighborhoods is investing in partnerships around the country o�5 million that are working to rebuild blighted communities, create new and to redevelop struggling flexible funding sources for underserved small business owners, neighborhoodsbyaddressing create affordable housing so workers can live where they work distressedi-4unitbuildings. and create sustainable alternatives to payday lending. �r��i'�� w��u��ty Fundl�r��,�1 '�nt��p�'��',��'�l�aratiYe tendir��I��P�S�in�rShip Il�uest in l�p��',�i� _ _; ' � � .�� . � . � i�id�res��td��p��t�ender��ill��r�re, � • � . � � � = . � � � . . Z 7 million Z.6 million � . � � � o$3 mill�on w � o �7 million to deliver business loans to to expand CDFI infrastructure to help small businesses adopt 4001ow-and moderate-income small to create communit facilities to increase resources for small Y businesses and affordable housing. technologies to create efficiencies business owners in high poverty areas. in underserved areas. and hring in retail investors. ;�xpandi�sgR�ide�t-f#�metlL€uflmuf�i�i��' • � � ••� � RRC��1�kl�rnd: � � � � � ,, o $2.1 million o $4 million to support small businesses and entrepreneurs during construction to replicate real estate and mortgage of a tommercial corridor. models for the underserved. 'f�ALCA�Nk��W��GJFi Gn61�V��iue pr�qsPer Kentu[Vty', P4d�bd�tePhoenix' : . � � . � � . � � ReFresh � � o$2.6 million � o$6 million o$6 million o �Z million to both rural and urban areas that to integrate housing,facilities to create a fund for real estate are facing community development and healthcare for an innovative and small business ventures in challenges related to housing and to create a national network for , redevelopment project. underserved neighborhoods. small business. healthy food systems. Camrsrunity La�l1�enter Pra�ram; � _ ' I 0�J.i million "1PMorgan Chase;'"J.P.Morgan;'"Chase,"the Octagon symbol and other � words or symbols in this report that identify 1PMorgan Chase services are i to manage an empioyer-based service marks of 1PMorgan Chase&Co.Other words or symbols in this report small-dollar loan program that identify other parties'goods or services may be trademarks or service alternative to payday lending. marks of those Other pdrtie5.02016 JPMorgan ChaSe&Co.AII rights reserved. Apri1 2016