Chase Receives $70 Million in New Markets Tax Credit Awards
NEW YORK -- April 25, 2013
Chase announced today that it received $70 million in the latest round of New
Markets Tax Credits to further expand its investment to support jobs and
service in low-income communities across the U.S.
The $70 million award is part of the U.S. Department of the Treasury’s
Community Development Financial Institutions Fund, which allocated $3.5
billion to 85 organizations this year to help increase economic opportunity in
the nation’s most distressed areas.
“We have a successful track record of using New Markets financing to support
projects that create quality jobs and services in the communities we serve,”
said Matt Reilein, senior vice president of Chase Community Development
Banking. “This award is recognition of that success and it will allow us to
expand our investment in programs that are significantly changing
Chase has been an active leader in the New Markets industry since the
beginning of the program, making nearly $1 billion in investments last year
alone. For example, with the help of a Chase New Markets Tax Credit
investment, the Los Angeles Dream Center was able to transform a former
hospital facility near the Echo Park neighborhood into additional housing for
impoverished families, at-risk youth and victimized women, increasing its
number of residents from 650 to nearly 1,000.
The latest allocation brings the firm’s total awards since the program began
to $480 million. Chase will use the additional funds to invest in projects
that support job creation, healthcare and social services, access to
affordable healthy food, and educational programs.
The New Markets program is administered by the U.S. Department of the
Treasury. It is designed to stimulate economic growth and job creation in
low-income communities by providing much-needed investment capital, financial
counseling and other services. Awardees are selected after a highly
competitive and rigorous government review process.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase &
Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4
trillion and operations in more than 60 countries. Chase serves more than 50
million consumers and small businesses through more than 5,600 bank branches,
18,700 ATMs, credit cards, mortgage offices, and online and mobile banking as
well as through relationships with auto dealerships. More information about
Chase is available at www.chase.com.
JPMorgan Chase & Co.
Michael Fusco, 212-270-5089
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