Chase investing $15 million to help Detroit neighborhoods

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Posted at 4:09 PM, Feb 21, 2019
and last updated 2019-02-21 17:58:12-05

DETROIT (AP) — JPMorgan Chase is investing $15 million to expand economic opportunity across some Detroit neighborhoods.

The bank will use a $10 million loan and $5 million in philanthropy to help attract additional capital and assist residential and commercial development projects that have had trouble getting traditional financing.

"With the help of partners like JPMorgan Chase, we are taking the successful strategies that worked in our Downtown and Midtown areas and scaling it to bring physical improvements and development to neighborhoods across our city,” said Detroit Mayor Mike Duggan. "We’ve got a lot more work to do and together, we’ll expand the good work being done to ensure more Detroiters are participating in the comeback."

The funding primarily is targeted toward projects in commercial corridors across 10 neighborhoods. The efforts are expected to provide area residents with increased access to affordable housing, goods and services.

The funding is part of JPMorgan Chase's five-year, $150 million commitment to the city. In 2014, the bank also helped launch two community development loan funds in Detroit.

Corporate Responsibility chief Peter Scher says JPMorgan Chase wants "growth to benefit all Detroiters, especially those who have lived" in the city their entire lives.