Chicago is one of seven winning cities in JPMorgan Chase’s AdvancingCities Challenge, part of the firm’s $500 million, five-year initiative.
A collaborative of seven organizations will receive a $7.2 million philanthropic investment to boost long-term homeownership through innovative new modular home construction, and financial products and coaching in South and West side neighborhoods, including Back of the Yards, North Lawndale, and Chicago Lawn.
The money will support the creation and preservation of over 150 affordable housing units for families and individuals between 60-120% area median income. It builds on JPMorgan Chase’s recent $30 billion commitment to advance racial equity and aligns with Chicago’s INVEST South/West plan, which seeks to invest $750 million in public funding over the next three years to attract private capital.
The effort will be led by The Resurrection Project, in collaboration with Back of the Yards Neighborhood Council, Peace and Education Coalition of the Back of the Yards Neighborhood, Precious Blood Ministry of Reconciliation, Capital Good Fund, Lawndale Christian Development Corporation, and Southwest Organizing Project.
Over the course of the three-year commitment, the collaborative will create and preserve over 150 affordable housing units, engage nearly 3,000 participants in homebuyer preparation, in which 240 will become ready buyers, provide over $2.8 million in affordable mortgage and home improvement loans, and create and preserve $50 million in community wealth for residents.