City First Enterprises and 11th Street Bridge Park Receive $250,000 Investment from JPMorgan Chase & Co.
March 29 2017 - 12:17PM
Business Wire
A Leading Grant Supporting a Bridge Park
Community Land Trust
JPMorgan Chase & Co. has invested $250,000 in City First
Enterprises and 11th Street Bridge Park to create the Bridge Park
Community Land Trust for communities in Wards 8 and 6, a key
recommendation of the Bridge Park’s Equitable Development Plan. The
Equitable Development Plan supports the unprecedented $100 million
investment made by the Mayor Muriel Bowser and the D.C. Council in
the Housing Production Trust Fund, an effort to create a more
inclusive city.
The creation of the Bridge Park Community Land Trust will
permanently preserve housing affordability by and for the residents
of the community in the bridge park’s impact area, enable residents
to stay and thrive in their neighborhoods, and increase community
resources without the displacement that has become an unfortunate
hallmark of large developments. Additionally, the creation of the
land trust amplifies residents’ voices by providing safe, secure
and affordable housing controlled by the community.
“JPMorgan Chase’s investment signals a strong level of support
and provides the resources needed to execute the most important
elements of the Equitable Development Plan,” said Robert Burns,
Executive Director of City First Enterprises, whose mission is
to increase the availability of affordable housing and lending to
residents who are traditionally underserved. “It is encouraging to
know that JPMorgan Chase is a committed ally and champion of the
District and its vision for a more equitable and inclusive
D.C.”
“It’s been critical to invest in this new civic infrastructure
of the Bridge Park, but also invest in the surrounding
communities,” said Scott Kratz, Director of the
11th Street Bridge Park. “We are excited to
partner with the community, City First Enterprises and JPMorgan
Chase in this important work.”
“JPMorgan Chase is committed to helping communities maintain
their integrity while ensuring residents have access to affordable
housing,” said Alexis Bataillon, Head of Mid-Atlantic
Strategy and Executive Director of Corporate Responsibility,
JPMorgan Chase & Co. “We are proud to partner with City
First Enterprises, 11th Street Bridge Park and the community on
this project.”
The 11th Street Bridge Park’s layered approach, transparency and
intentionality for responsible and inclusive development, and role
as a convener around larger issues facing development in
Washington, D.C., have positioned it as a groundbreaking project
for the nation’s capital. This partnership with City First
Enterprises highlights one of three core aspects of the Equitable
Development Plan that can be found online here.
About City First
City First is a unique family of organizations that include City
First Enterprises, a community development loan fund, City First
Homes, affordable housing group that manages over 244 units of
permanently affordable housing, and City First Bank, a nationally
chartered commercial bank. City First Enterprises is a certified
Community Development Financial Institutions by the CDFI Fund of
the US Department of Treasury. Since its inception City First has
cumulatively catalyzed over $1 billion in community impact through
investing in affordable housing, small business and community
facilities.
About the 11th Street Bridge Park
The 11th Street Bridge Park, a project of Ward 8 based nonprofit
Building Bridges Across the River, will be Washington, D.C.’s first
elevated public park located on the piers of the old 11th Street
Bridge spanning the Anacostia River: a new venue for healthy
recreation; environmental education and the arts. After a
seven-month design competition, the design team of OMA+OLIN was
selected in October 2014. With the ongoing capital campaign
securing more than $15 million to date, the Bridge Park draws on an
extensive community outreach and consultative process, anchored by
more than 700 stakeholder meetings for design development and
impact. Pre-construction began in 2016 and the park is expected to
open by late 2019.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. is a leading global financial services
firm with assets of $2.5 trillion and operations worldwide. The
Firm is a leader in investment banking, financial services for
consumers and small businesses, commercial banking, financial
transaction processing, and asset management. A component of the
Dow Jones Industrial Average, JPMorgan Chase & Co. serves
millions of consumers in the United States and many of the world's
most prominent corporate, institutional and government clients
under its J.P. Morgan and Chase brands. Information about JPMorgan
Chase & Co. is available at www.jpmorganchase.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170329005945/en/
Media:11th Street Bridge ParkShahara Anderson-Davis,
202-889-5901 x207shahara@bridgepark.orgorCity First
EnterprisesEugene Kim,
202-745-4490eugene@cfenterprises.orgorJPMorgan Chase &
Co.Stephanie Bosh, 202-585-1382stephanie.a.bosh@jpmorgan.com
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