Doing our part - JPMorgan Chase

18
update on the $800 billion commitment we made in 2004
JPMorgan Chase’s long-standing history of excellence and commitment to both minority
and low- and moderate-income communities, is confirmed by the results of the $800 billion
commitment we made in January 2004.
In the first eight years of our 10-year, $800 billion public commitment, JPMorgan Chase has invested
over $720 billion, or 90% of the goal, in three areas that are crucial to minority and lower-income families
and communities in the united States: small businesses, community development and mortgages.
$800
700
600
500
400
300
200
100
0
$70
2004
JPMorgan Chase & Co.
$154
2005
$234
2006
$335
2007
economic development projects, working
with community-based organizations, and
providing philanthropic support and employee
volunteering in these very communities.
BUILDING & PRESERVING
AFFORDABLE HOUSING
In 2011, we made $1.4 billion in loans and
invested nearly $1 billion in equity to build
or preserve more than 19,500 units of
affordable housing for low- and moderateincome
families in over 80 U.S. cities. In
$491
2008
$572
$652
2009 2010
$738
2011
addition to providing construction loans, we
invest equity through the purchase of federal
tax credits, which enables the developments
to meet the requirement that they be
affordable to low-income families and seniors.
Below are a few examples of our affordable
housing developments:
West Farms Square Apartments – Bronx, NY
Finding safe, decent, affordable housing
remains a challenge for many in the
South Bronx. Fortunately, there is
hope for the residents of West Farms
Square Apartments, an older apartment
complex in the South Bronx undergoing a
substantial rehabilitation.
With nearly $71 million in financing from
Chase, the owners of West Farms are
renovating eight distressed multi-family
residential properties, totaling 526 units.
When completed, the buildings will be
more attractive, safe and livable.
Lugar Tower – Indianapolis, IN
We provided $41 million in financing to help
renovate the Lugar Tower in Indianapolis
and build two new mixed-income buildings
at its base. The renovation and expansion
of the 15-story Lugar Tower public housing
apartment complex, built in 1974, is part of
a larger campaign to improve affordable
housing in the city. The completed building
will consist of almost 300 affordable housing
units, including more than 245 public housing
units for low-income and disabled residents.
Blue Plate Lofts – New Orleans, LA
Blue Plate Lofts was a vacant three-story
building that once housed the Blue Plate
mayonnaise manufacturing plant. The
building, on the National Historic Landmark
Registry, was built in 1941.