Innovative New Initiative from JPMorgan Chase to Catalyze Investment in Low- and Moderate-Income Communities

  Innovative New Initiative from JPMorgan Chase to Catalyze Investment in Low-
  and Moderate-Income Communities

         $33 million to help CDFIs across the country build capacity

Business Wire

NEW YORK -- January 29, 2014

JPMorgan Chase & Co. (NYSE:JPM) today announced it has created a new CDFI
Collaboratives program and awarded through its Foundation $33 million to
community development financial institutions (CDFIs) across the U.S. This
first-of-its-kind program creates partnerships among CDFIs to help them build
capacity, improve access to capital for small businesses, affordable housing
and healthy food networks, and create economic growth in distressed and
underserved communities.

“CDFIs have long been critical change agents in underserved communities,
helping to promote economic revitalization and create opportunities for low-
and moderate-income people that otherwise would not exist,” said Janis
Bowdler, Senior Program Director for Financial Capability and Affordable
Housing, JPMorgan Chase Foundation. “This innovative program will enable our
CDFI partners to serve more residents in high-need communities and help drive
lasting economic growth.”

Through JPMorgan Chase’s CDFI Collaboratives program, 27 CDFIs have come
together to form seven Collaboratives that will work in 21 states across the
U.S. The Collaboratives are organized around a common community development
challenge, such as growing small businesses, creating affordable housing and
improving access to fresh food.

Grants range from $2 million to $7 million for Collaboratives working across
the country:

  *Community Investment Corporation has teamed up with Chicago Community Loan
    Fund and Neighborhood Housing Services of Chicago to redevelop housing and
    reduce blight in Chicago.
  *Community Reinvestment Fund, along with the National Development Council,
    Coastal Enterprises, Inc. and Calvert Foundation, will together deploy a
    joint technology platform to streamline the loan application and
    underwriting process for small businesses in Detroit, Milwaukee, New York
    City, Buffalo, Seattle, Denver and Chicago. This Collaborative will seek
    to provide $81 million in small business financing and engage over 10,000
    retail investors for this effort.
  *IFF is joining with the Nonprofits Assistance Fund and Cincinnati
    Development Fund to provide community facilities such as health care,
    child care, job training, education, supportive and affordable housing in
    Minneapolis-St. Paul, Minnesota and Cincinnati and Dayton, Ohio.
  *NALCAB – National Association for Latino Community Asset Builders has
    joined with Affordable Homes of South Texas, Community Resources & Housing
    Development Corporation and Prestamos, a CDFI subsidiary of Chicanos Por
    La Causa, to build on its successful track record of revitalizing
    neighborhoods and helping small businesses grow with two major national
    initiatives, the NSP2 (Neighborhood Stabilization Program 2) National
    Consortium and Inversiones: A Small Business Investment Initiative. This
    Collaborative will help residents of predominantly low-income, Latino
    communities in Texas, Arizona, Nevada, Colorado and New Mexico, build
    assets through access to small business and affordable housing financing
    opportunities.
  *The Reinvestment Fund has teamed up with Finance Fund Capital Corp,
    Florida Community Loan Fund, Northern California Community Loan Fund and
    Colorado Enterprise Fund, to start “ReFresh,” a national healthy food
    funding collaborative that would finance healthy food retail and food
    systems projects in Florida, Ohio, Colorado and California’s Northern and
    Central Valley regions. JPMorgan Chase is the founding investor of
    ReFresh.
  *Raza Development Fund, along with MariSol Federal Credit Union, Arizona
    Multibank Community Development Corporation, Neighborhood Economic
    Development Corporation, have together formed “Adelante en Familia,” to
    invest in community development across South Phoenix, Tempe and Mesa.
    Adelante en Familia will provide capital for small businesses, mortgages
    and consumer products in Latino and underserved communities.
  *ROC USA Capital, along with Leviticus 25:23 Alternative Fund and Mercy
    Loan Fund, will help transform manufactured housing communities through
    resident ownership by preserving the affordability of these existing homes
    and helping families build financial security. The partnership’s work will
    focus on hard-to-serve low- and moderate-income neighborhoods in 10
    statewide markets, including Washington, Oregon, Idaho, Utah, Wisconsin,
    New York, Connecticut, Pennsylvania, New Jersey and Delaware.

These grants will be deployed over three years to leverage additional capital
sources, expand to new geographies or asset classes, and create a shared
infrastructure to improve quality and enhance efficiency.

“Through our Community Development Banking business, we see first-hand the
impact our CDFI partners have on the communities in which they invest,” said
Priscilla Almodovar, Head of Community Development Banking, Chase. “This new
Collaboratives program continues the firm’s commitment to CDFIs and will
significantly bolster the impact of their work, improving the lives of even
more residents in low- and moderate-income communities.”

JPMorgan Chase and its Foundation have partnered with top-tier CDFIs for more
than 20 years. The company remains a national leader in its financing. Over
the last three years, Chase provided more than $100 million in grants to CDFIs
and over $1 billion in loans, grants and investments to CDFIs and their
affiliates.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.4 trillion 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. The Firm and its Foundation give
approximately $200 million annually to nonprofit organizations around the
world and lead volunteer service activities for employees in local
communities, utilizing its many resources, including access to capital,
strength, global reach and expertise. More information is available at
www.jpmorganchase.com.

GRANTEE QUOTES

Jack Markowski, CIC Chicago CEO, said: “Although some areas have recovered
since the crash, many neighborhoods continue to struggle. In particular,
distressed 1-4 unit buildings can drag down entire neighborhoods, so we deeply
appreciate Chase supporting a partnership among Community Investment
Corporation, Neighborhood Lending Services, and the Chicago Community Loan
Fund to create a targeted and coordinated strategy to improve these buildings
and neighborhoods.”

Noel Poyo, Executive Director at NALCAB, said: “With this grant, JPMorgan
Chase is making a bold investment in ongoing economic recovery in Latino
communities that were hard to hit in the recession. The NALCAB Network will
use this funding to drive innovative approaches to affordable housing
production and small business lending—ultimately creating jobs and economic
opportunity in low-income communities.”

Tommy Espinoza, President and CEO, Raza Development Fund, said: “JPMorgan
Chase’s shared vision with RDF to strengthen families through community
development is timely. “South Phoenix, rich in its families and various
cultures, is a community on the cusp of becoming the new face of America.
Together we can build hope for the future of our communities and our city.”

The Reinvestment Fund CEO Don Hinkle-Brown, said: “Chase was a leading
investor in helping TRF launch the successful Pennsylvania Fresh Food
Financing Initiative and now they are leading the way again in helping us
create this national effort to increase healthy food access. This kind of
operational resource is precious and rare and we are excited about the
collaborative opportunity ReFresh will provide to support local initiatives,
grow local businesses and benefit low-income communities.” See more at:
http://www.trfund.com/trf-launches-new-national-program-to-spur-growth-of-healthy-food-businesses-in-underserved-communities/#more-3584

Paul Bradley, founding president of ROC USA, said: “The JPMorgan Chase
Foundation's unprecedented equity grant in CDFIs is astute. It addresses the
biggest problem for growing nonprofit CDFIs, which is balance sheet strength.
This grant will help us serve at least a dozen locally owned, regionally
supported and nationally strengthened low- and moderate-income communities.”

IFF CEO Joe Neri, said: “The JPMorgan Chase Collaboratives Grant will
accelerate the efforts of IFF and its partners, Cincinnati Development Fund
and Nonprofits Assistance Fund, to provide affordable long-term capitalto
nonprofit corporations serving low-income communities in the Twin Cities and
Cincinnati-Dayton. We applaud Chase's leadership in assisting established
CDFIs to expand their coverage to under-served communities.”

Frank Altman, President and CEO of Community Reinvestment Fund, said: “We are
excited to partner with JPMorgan Chase and these leading CDFI small business
lenders. As a collaborative, we will be able to deliver more capital to small
businesses in communities that need it most while helping build the capacity
of other local CDFI lending partners.”

Contact:

JPMorgan Chase & Co.
Jennifer Kim, 212-622-7068
jennifer.h.kim@jpmchase.com
 
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