Chase Donates $250 Million in Free or Discounted Homes
Community Revitalization Programs Transfer about Three Properties a Day to
Housing Groups, Families
NEW YORK -- October 17, 2013
Chase today announced that it has donated or sold at a discount more than $250
million in corporate-owned homes to community associations, municipalities,
veteran groups and nonprofit housing providers across the country.
Through the Chase Community Revitalization Program – begun in 2009 as part of
a corporate-wide effort to help customers and communities cope with effects of
the housing crisis – Chase has donated or sold homes at reduced prices to
nonprofit housing organizations helping families rebuild from the housing
crisis. Since program inception, the company donated or sold more than 5,300
properties in 43 states.
“Chase has a long history and commitment to helping build vibrant communities
through a variety of corporate-wide programs,” said Ryan Crowley, head of
Chase Government and Community Partnerships. “By responsibly donating about
three homes a day through this initiative, Chase’s efforts have rehabilitated
communities, spurred job growth and provided homes for thousands of
low-to-moderate income families.”
Additionally, in 2011, Chase pledged to award 1,000 mortgage-free homes to
military families by 2016. Since then, the company has provided more than 600
mortgage-free homes, amounting to more than $62 million, to military families.
“We are very proud of our relationship with JPMorgan Chase,” said Lot Diaz,
vice president, housing and community development, National Council of La
Raza. “Such partnerships, between the for-profit and non-profit sectors, shows
that we all need to work together to further the national effort to stabilize
housing in our communities.”
More than 450 organizations participate in these programs by renovating
Chased-owned homes – creating jobs and improving their communities – and then
donating, re-selling, retaining for affordable rental opportunities or using
them as part of the services they offer in pursuit of their mission. Chase
conducts post-renovation property inspections, tracks title filing and insures
homes are sold within program parameters.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.5trillion and operations worldwide. The Firm is a leader in
investment banking, financial services for consumers and small businesses,
commercial banking, financial transaction processing, asset management and
private equity. A component of the Dow Jones Industrial Average, JPMorgan
Chase & Co. serves millions of consumers in the United States and many of the
world's most prominent corporate, institutional and government clients under
its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is
available at www.jpmorganchase.com.
Jason Lobo, 212.270.1599
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