JPMorgan Chase & Co Chase Awarded $60 Million in Credits to Help Low-Income Communities

 
TIDMJPM 
 
 

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.

Media:ChaseNicole Robbat, (212) [e-mail]

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