News release: FOR IMMEDIATE RELEASE
JPMorgan Chase Invests $200,000 to Develop Equitable Neighborhood Plans in South Florida to Drive Economic Opportunity
PRO Neighborhoods invests in planning grants to incentivize local leaders to identify the greatest needs facing their communities and develop capital plans to advance equitable development in distressed neighborhoods
JPMorgan Chase & Co. today announced a $200,000 investment in South Florida’s communities by awarding two planning grants to the Little Haiti Capital Investment Coalition and South Florida Community Land Trust to develop equitable neighborhood plans and create a roadmap for long-term change in communities that have been left behind.
The Little Haiti Capital Investment Coalition will use its $100,000 planning grant to create a capital development plan that will preserve affordable housing, support small businesses and promote economic development for long-term residents of the rapidly-gentrifying Little Haiti neighborhood. The coalition of nonprofit organizations is led by the Haitian American Community Development Corporation and includes the Haitian Neighborhood Center/Sant La, Partners for Self-Employment, the South Florida Community Land Trust and the Capital Good Fund.
“Gentrification and development in Little Haiti is inevitable,” said Sam Diller, Executive Director of the Haitian American Community Development Corporation. “It is imperative that we come up with solutions to ensure that long-term residents and members of the Haitian community are not displaced in the process.”
The goal of the Coalition is to secure a minimum of $10 million in capital from the private and public sector over the course of the next several years for implementation of the Little Haiti Capital Investment Plan.
The South Florida Community Land Trust will use its $100,000 planning grant to create an Equity Housing Implementation plan to ensure that affordable housing opportunities remain available along the railways of the South Florida Tri-Rail Coastal Link. As the rail system continues to expand and link South Florida’s major downtown communities, property values are expected to increase near the station areas. The organization will use its proven Community Land Trust model to create a permanent source of affordable housing for residents who already live in these communities.
“South Florida Community Land Trust is committed to housing families in areas of opportunity – especially near jobs and transit – and ensuring that housing remains affordable for generations to come,” says Mandy Bartle, Executive Director, “South Florida is one of the least affordable markets when you compare housing and transportation costs to income. If we can locate housing near jobs and transit, we can help lower a household’s overall costs”.
South Florida Community Land Trust is joined by a strong collaborative including local and national Community Development Financial Institutions, including Florida Community Loan Fund, Southeast Florida Community Development Fund, Enterprise Community Partners and other local and regional partners. The group will be utilizing data-driven research developed both through the SFCLT’s Neighborhoods of Opportunity map and University of Miami’s Office of Civic and Community Engagement’s Miami Affordability Project.
These planning grants are part of JPMorgan Chase’s Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) program, which provides capital to local community development financial institutions to address the drivers of economic opportunities in neighborhoods. These CDFIs work together to pool resources and expand lending activities for building health and education facilities, open retail centers and support community services in area neighborhoods.
“We are committed to helping everyone share in the rewards of a growing economy. While many areas are booming in South Florida, we know that not everyone has the same opportunities to move up the economic ladder,” said Mel Martinez, Chairman of the Southeast U.S. and Latin America for JPMorgan Chase. “We are proud to partner with these organizations to break down barriers to economic mobility and advance the long-held vision that local residents have for their neighborhoods.”
About South Florida Community Land Trust
South Florida Community Land Trust is a non-profit corporation that protects land to keep housing affordable forever. With a mission “to provide and preserve quality, sustainable, affordable housing for underserved populations in South Florida,” the group is committed to ensuring that individuals and families – particularly low-income households – can afford housing without comprising on quality or location. Information about South Florida Community Land Trust is available at www.southfloridaclt.org. Follow South Florida CLT on Twitter @Southfloridaclt and Facebook.
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.6 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. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com. Follow JPMorgan Chase on Twitter @JPMorgan or @Chase and Facebook.