2011 Corporate Responsibility Report - JPMorgan Chase

purchasing a building to renovate or land
on which to build.
We are proud to be a thought leader in
the financing of charter school facilities
that would otherwise have difficulty
securing traditional financing.
In 2011, we directly financed nine schools
in low-income communities through the
New Markets Tax Credit (NMTC) program.
Not only will students directly benefit from
existing schools being renovated and new
facilities being built, but the communities
in which these developments take place
will benefit as well. Each project created
new jobs for local workers and reduced
blight, becoming neighborhood anchors,
and places open to parents and others in
the community.
KNOWLEDGE IS POWER PROGRAM (KIPP)
Three of the nine schools are with the
Knowledge is Power Program (KIPP), an
award-winning charter school network
renowned for remarkable successes in
improving student achievement. Through
the NMTC program, Chase helped KIPP
expand its network of schools in lowincome
communities in the Bronx,
New York; Lynn, Massachusetts; and
Washington, DC.
Across these three projects, we invested
over $38 million to help construct KIPP NYC
College Prep in the Bronx, its first high
school program in New York City that
will enroll up to 1,000 students; construct
KIPP Academy Lynn, a new middle and
high school building that will house more
than 40 classrooms in addition to a library,
cafeteria, gymnasium and outdoor ball
field; and facilitate a transformational
renovation and expansion of KIPP DC’s
Shaw campus that will eventually enroll
approximately 1,000 preschoolers through
8th graders.
CHARTER SCHOOL FACILITIES FUND
Chase also launched a $325 million
Charter School Facilities Fund in May
2010, comprised of debt, equity and
$50 million in philanthropic dollars to
assist our Community Development
Financial Institution (CDFI) partners
finance the acquisition, construction
and/or renovation of facilities for highperforming
U.S. charter schools.
To date, we have made over $217 million
in capital available for 13 high performing
charter schools through the Charter School
Facilities Fund, making approximately 9,200
seats available for students.
This fund is one of a kind and represents
how we put capital to work — not only
dollars, but also significant intellectual
capital. We are the only firm in the U.S.
bringing together experts from across the
company to structure the transactions in
this way, making them easy and efficient
for charter school clients. Further, we are
leveraging our unique relationships with
“We believe that every
young person can graduate
from high school and
succeed in college. Our
partnership with JPMorgan
Chase led to three new
schools in disadvantaged
areas that will help Alliance
students fulfill their
remarkable potential.”
Judy Burton, President and CEO,
Alliance College-Ready Public Schools
CDFIs to finance charter schools through
this fund. The CDFIs add value both
through their expertise in underwriting
loans to charter schools and through their
local presence in low-income communities.
Alliance College-Ready Public Schools.
One charter management organization
that benefited from the fund was
Alliance College-Ready Public Schools
in Los Angeles, California. Alliance
operates 11 high school and five middle
school campuses, and is expanding its
network of high-performing schools
in the poorest and lowest-achieving
communities of Los Angeles. To date,
2011 CORPORATE RESPONSIBILITY REPORT 49