JPMorgan Chase announced it is committing $1.2 million to the ongoing revitalization of Detroit’s neighborhoods, giving grants to six different community development programs.
The once booming city still struggles to recover from the financial crisis, even though it posted huge leaps in economic growth. Since it fell so low, there remains a long way to go in order to be healthy again.
As part of JPMorgan Chase’s $100 million commitment to the city, the six programs support recovery in housing development, blight removal, new business creation, parent education, and neighborhood beautification projects.
More specifically, the new grants will support Southwest Housing, Vanguard Community Development Corp., Grandmont Rosedale Community Stabilization Program, Eastside Community Network, Michigan Community Resources, and Community Development Advocates of Detroit.
“These targeted efforts provide Detroiters with the local resources they need to invest in the future of their own neighborhoods and create more widely shared prosperity,” said Janis Bowdler, head of community development initiatives, JPMorgan Chase.
“By investing in these programs, the quality of entire neighborhoods can improve as housing prices stabilize, blighted homes are removed or renovated, and education programs offer residents the support they need to own a home,” continued Bowdler.
The city is steadily improving though, continuously ranking in the top 20 for hottest housing markets. According to the latest ranking list from realtor.com, Detroit is the 15th hottest housing market in the nation.
And JPMorgan isn’t the only banking helping fuel the Motor City’s recovery.
Quicken Loans has become an integral part of the city’s recovery since moving its headquarters there in 2010. The company's revitalization efforts include investing more than $2.2 billion to purchase and renovate more than 95 commercial properties, accounting for more than 15 million square feet in the city’s urban core.
“There is a lot of work yet to do, but Detroit is on the road to recovery. By investing in programs like this that make a real difference to our neighborhoods, we are seeing progress accelerate,” said Detroit Mayor Mike Duggan on the JPMorgan news. “Neighborhoods like the North End and Michigan-Livernois are getting better because of the programs JPMorgan Chase is supporting and the great work of our community partners.”