Chase Awarded $60 Million in Credits to Help Low-Income Communities
June 22 2015 - 9:30AM
Business Wire
Bank has invested in $5 billion of New Markets
Tax Credit projects over more than a decade
Chase announced today that it received $60 million in the latest
round of New Markets Tax Credit allocations to continue to invest
in development projects in low-income communities.
Over more than a decade, Chase has invested in $5 billion of
program-eligible activities supporting a diverse range of projects
from job creation and health care to affordable healthy food and
education, including:
- Revitalizing a long-vacant building in
downtown Jacksonville, Fla., into a center for nonprofits to foster
collaboration and growth
- Expanding a charter school to serve 320
students in West Oakland, Ca.
- Building a 44,000-square-foot “green”
health clinic serving low-income families in southern Dallas
“We celebrate all the positive impacts that the New Markets Tax
Credit program has generated in our communities and are inspired to
continue investing,” said Matt Reilein, head of the New Markets Tax
Credit Group at Chase. “It provides crucial financing in low-income
communities across the country, fostering collaborations with local
governments, CDFIs, non-profits and businesses to stimulate
economic activity.”
This month, the U.S. Department of the Treasury allocated $3.5
billion in New Market Tax Credits to 76 organizations serving
underserved populations and distressed communities. Chase has
received nine tax-credit awards totaling $600 million since
Congress created the program in 2000 to spur investment in
businesses and real estate projects in low-income communities.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of $2.6 trillion and operations
worldwide. Chase serves nearly half of America’s households with a
broad range of financial services, including personal banking,
credit cards, mortgages, auto financing, investment advice, small
business loans and payment processing. Customers can choose how and
where they want to bank: More than 5,500 branches, 18,000 ATMs,
mobile, online and by phone. For more information, go to
Chase.com
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version on businesswire.com: http://www.businesswire.com/news/home/20150622005244/en/
Media:ChaseNicole Robbat, (212)
272-0236nicole.robbat@chase.com
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