October 19, 2016 (Detroit, MI) – JPMorgan Chase & Co. today announced a $5 million investment toward the establishment of a $30 million Strategic Neighborhood Fund to drive inclusive economic growth in Detroit’s neighborhoods. The fund will support the Detroit Strategic Neighborhood Initiative, which is a priority for Detroit Mayor Mike Duggan and is a collaborative partnership between Invest Detroit, the Detroit Development Fund and Opportunity Resource Fund. This initiative is dedicating critical resources towards commercial and residential real estate, jobs, and community infrastructure in several Detroit neighborhoods over the next decade.
“This announcement from JPMorgan Chase is another example of its deep commitment to Detroit and revitalizing its neighborhoods,” said Mayor Mike Duggan. “Thanks to this funding, we are going to start seeing new small businesses open, existing businesses expand and new residential developments take place in several key areas of the city. This fits in perfectly with our strategy to revitalize our neighborhoods.”
As part of JPMorgan Chase’s $125 million, five-year PRO Neighborhoods initiative in cities around the country, the firm’s $5 million grant will support this new collaborative and the revitalization of Detroit’s neighborhoods. PRO Neighborhoods helps create more widely shared prosperity by providing the necessary capital to local community development organizations to address the drivers of economic opportunity in neighborhoods. Overall, the Strategic Neighborhood Fund intends to raise a total of $30 million, and will initially target three neighborhoods over the next five years: West Village, Southwest Detroit and Livernois-McNichols.