Chase to Donate $7.2 Million as an Investment into Prefab Affordable Housing
We were honored to have our Starter Home and the great work of our clients, The Resurrection Project featured this week in Crain’s Chicago Business. In a great piece by Steve Daniels, he explains that JPMorgan Chase has agreed to donate millions toward the advancement of affordable housing initiatives in Chicago. The donation has been made as part of JPMorgan Chase’s AdvancingCities Initiative, which, according to their website, is “a $500 million, five-year initiative to invest in solutions that bolster the long-term vitality of the world’s cities and the communities within them that have not benefited from economic growth.”
According to Mr. Daniels,
“JPMorgan Chase is donating $7.2 million to jump-start the construction of affordable, pre-made homes on Chicago’s West and Southwest sides.
The investment, the largest contribution of a total $37 million Chase is announcing for single, high-impact projects in cities throughout the U.S., will finance at least 150 homes in neighborhoods with large numbers of working-class families and few affordable options for single-family homes.
It’s also the largest donation Chase has made to a single cause in Chicago in a history of extensive charitable activity here. New York-based Chase is the largest commercial and retail bank in the Chicago market.
Under the initiative, one modular home already has been built on a vacant parcel in Back of the Yards. Before the Chase grant, Resurrection Project had plans to construct 30 more. Chase’s investment ensures that will happen—and far more. Other neighborhoods the initiative targets are North Lawndale on the West Side and Chicago Lawn on the Southwest Side.”
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