JPMorganChase has committed more than $10 million to advance affordable housing development and revitalize neighborhoods in Chicago’s South and West sides. The new loan to the Chicago Community Loan Fund (CCLF), a certified Community Development Financial Institution (CDFI), is part of JPMorganChase’s $200 million commitment to Chicago. The loan will support CCLF’s Communities of Color Loan Program, which provides low-cost capital to developers targeting projects impacting communities of color in low-to-moderate income neighborhoods throughout Chicago. Illinois Governor J.B. Pritzker joined JPMorganChase and CCLF to announce the new commitment. High borrowing costs and a lack of access to equity financing have contributed to disinvestment and an affordable housing shortage in low-income communities throughout Chicago. The new $10 million commitment will help fill the capital access gap for smaller for profit and nonprofit developers at a time when many of those borrowers are struggling to attain affordable financing. Additionally, JPMorganChase will provide $275,000 in philanthropic capital to CCLF, a portion of which will directly support the Communities of Color Loan Program. For more information, visit www.jpmorganchase.com
Photo Credit: JPMorganChase
Caption 1: (left to right) Kevin Goldsmith, managing director of community development tax credits and intermediaries lending at JPMorganChase, Illinois Governor J.B. Pritzker, Bob Tucker, interim president at Chicago Community Loan Fund (CCLF) and Darnell Shields, executive director of Austin Coming Together, appear at a press conference on Sept. 10, 2024 announcing that JPMorganChase has committed a new $10 million loan to CCLF to advance affordable housing development and revitalize neighborhoods in Chicago’s South and West sides. The loan is part of JPMorganChase’s $200 million commitment to Chicago and will support CCLF’s Communities of Color Loan Program, which provides low-cost capital to developers targeting projects impacting communities of color in low-to-moderate income neighborhoods throughout Chicago.
Caption 2: Illinois Governor J.B. Pritzker joins Kevin Goldsmith, managing director of community development tax credits and intermediaries lending at JPMorganChase (left), at a press conference on Sept. 10, 2024 announcing the firm has committed a new $10 million loan to the Chicago Community Loan Fund (CCLF), a certified Community Development Financial Institution (CDFI), to advance affordable housing development and revitalize neighborhoods in Chicago’s South and West sides. The loan is part of JPMorganChase’s $200 million commitment to Chicago and will support CCLF’s Communities of Color Loan Program, which provides low-cost capital to developers targeting projects impacting communities of color in low-to-moderate income neighborhoods throughout Chicago.
