JPMorgan Chase Commits $1 Million to Revitalize Neighborhoods in New Orleans to Drive Economic Opportunity
NEW ORLEANS – On Monday, JPMorgan Chase & Co. announced $1 million commitment to HousingNOLA and CDFI partners New Corp Inc. and LiftFund as part of its Community Development Finance Plan to spur economic development in the Claiborne Corridor. As part of the firm's $125 million, five-year Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) competition, the collaborative led by HousingNOLA will initiate long-term change in the corridor and surrounding neighborhoods that have been left behind.
PRO Neighborhoods provides the necessary capital to local community development financial institutions (CDFIs) to address the drivers of economic opportunity in neighborhoods. These CDFIs work together to pool resources and expand lending activities for building, affordable housing, health and education facilities, retail centers and community services in area neighborhoods.
"We are excited to receive this $1 million grant, which will enable HousingNOLA to make a significant and lasting investment into the Claiborne Corridor and its surrounding neighborhoods by providing much needed affordable housing opportunities and spurring equitable development," said Andreanecia Morris, executive director of HousingNOLA.
New Corp Inc. has provided small business and recovery loans in the Seventh Ward, and along Claiborne Ave. since Katrina, it has been integral in supporting New Orleans culture bearers and has begun financing redevelopment efforts in the Claiborne footprint. LiftFund is a national CDFI with a strong local presence. PRO will enable them to expand their lending capacity in the Claiborne Corridor.
HousingNOLA was selected for its work in developing the 10-year Strategy and Implementation Plan, which addresses the challenges of displacement and building wealth for low- and moderate-income and minority families and its commitment to the Claiborne Corridor. Through this initiative, HousingNOLA will serve as a convener of lending and financial institutions to think creatively about addressing the funding gaps preventing the creation of affordable housing, small business, and community service developments in the corridor which will lead to investments in the rest of the city.
"This is an important day for New Orleans because this grant is a significant step in healing and restoring the vitality of the Claiborne Corridor," said Katie LeGardeur, managing director and market leader for JPMorgan Chase. "Our purpose is to bring back prosperity and vitality to this historic corridor while preserving the culture and identity of its neighborhoods."