JPMorganChase Supports Local Nonprofits to Stabilize Housing Supply and Drive Economic Growth in Baltimore

Today, JPMorganChase announced nine nonprofit organizations will receive funding as part of a new cohort of leaders working to address housing vacancy across Baltimore. The cohort aims to stabilize housing supply and create more affordable homeownership opportunities for Baltimore’s legacy residents by increasing organizational capacity, strengthening local partnerships and expanding acquisition and rehabilitation of vacant and abandoned homes.

JPMorganChase is working with the Urban Institute and the Center for Community Progress to support the cohort through peer exchange, capacity building and learning opportunities rooted in the city’s unique context. By facilitating peer learning and sharing insights with the broader housing industry, the cohort builds on the firm’s strategy to support impact through insights, including convening the strength and expertise of housing organizations across the city.

This announcement is a continuation of JPMorganChase’s commitment to Baltimore, which has been informed by over half a decade of listening and learning alongside business, non-profit and community leaders. Of the previously committed funding, a total of about $4 million will be allocated to form a new Baltimore Housing Innovation Cohort, where participants will exchange expertise and ideas with peers and receive technical assistance and capacity building support from national experts.

Alongside the firm’s commitment to working with community leaders and non-profit partners to provide localized, philanthropic capital to advance place-based solutions, JPMorganChase continues to expand its business footprint in the region by increasing its branch presence and supporting more Baltimore-based employment opportunities. The alignment of JPMorganChase’s business and philanthropic support underscores the firm’s holistic approach furthering community and economic development in Baltimore.

“We are incredibly proud of our 130-year history in the Greater Baltimore region and the partnerships we’ve formed along the way to help us best serve the needs of the community from both a business and philanthropic perspective,” said Tim Berry, Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region. “Today’s announcement builds on this great foundation, supporting nine local nonprofit organizations that each reflect the tremendous strengths across the city’s housing ecosystem. Together, we will continue to address housing vacancy and advance inclusive economic growth for Baltimore residents.”

The Baltimore Housing Innovation Cohort

The novel Baltimore Housing Innovation Cohort will work to reduce housing vacancy, grow organizational capacity and shift systems to enable housing revitalization at scale. The cohort will leverage the existing strengths and expertise of housing leaders across the city, allowing partners to learn and grow together in a shared commitment to advancing housing solutions. This strategy is guided by the firm’s localized approach to creating impact by supporting and convening local leaders who know their community best.

Participants in the Baltimore Housing Innovation Cohort include:

Black Women Build – Baltimore, Inc.

• Black Women Build – Baltimore, Inc. will rehabilitate vacant and deteriorated rowhomes in the Upton, Druid Heights, Penn North, and Poppleton neighborhoods of Baltimore and provide skilled trades training, community- and wealth building opportunities. Participants in this program are then able to purchase the homes they help to build, increasing access to affordable, sustainable homeownership in Baltimore.

City Life-Community Builders Ltd

• City Life-Community Builders, Ltd will rehabilitate homes, advance personal and professional skills development and build coalitions of committed stakeholders working to shift Baltimore’s systems to address housing vacancy at scale.

Druid Heights Community Development Corporation

• Druid Heights Community Development Corporation will implement the Bakers View Homeownership Development Project, a multiphase effort to produce affordable homeownership in one of Baltimore’s oldest communities. The Bakers View Homeownership Development Project is designed to further reduce density and crime, increase visitability, and make Druid Heights a sought-after community.

Greater Baybrook Alliance, Inc.

• Greater Baybrook Alliance will build organizational capacity and systems – including the ability to leverage Baltimore City’s property acquisition programs – to advance whole block redevelopment in the Brooklyn, Curtis Bay, and Brooklyn Park neighborhoods of Baltimore.

Green & Healthy Homes Initiative, Inc.

• Green & Healthy Homes Initiative will advise cohort partners on healthy home interventions that can improve health, safety and energy efficiency outcomes, and will complete holistic housing interventions to help stabilize and preserve homeownership for seniors and family residents.

North East Housing Initiative, Inc.

• North East Housing Initiative, Inc. will acquire, renovate and sell affordable homes in northeast Baltimore City to low-income households through a Community Land Trust model that maintains permanent affordability of the home and land.

National Community Stabilization Trust– Developing Affordable Starter Homes (DASH) Fund

• NCST will continue to increase access to low-cost capital by reducing the interest rate on loans provided through the DASH Fund, a loan product available to emerging Baltimore housing developers that can be used for acquisition and development costs associated with revitalizing distressed and vacant single-family homes.

ReBuild Metro, Inc.

• ReBuild Metro, Inc. will advance its block-by-block redevelopment of abandoned homes in East Baltimore, increase affordable and mixed-income homebuying opportunities, and expand its legacy homeowner repair program, all as part of a replicable and community-driven “whole block” redevelopment model that ensures both new and legacy residents benefit from neighborhood revitalization.

Southwest Partnership Inc.

• Southwest Partnership will continue building organizational capacity to implement a Housing Plan focused on reducing vacancy and providing affordable housing options in three Baltimore neighborhoods – Mount Clare, Hollins Roundhouse, and Franklin Square neighborhoods.

FULL PARTNER LIST

Statements of Support

JPMorganChase is committed to supporting Baltimore through a place-based development strategy that leverages philanthropic capital, policy expertise and business practices. The Baltimore Housing and Innovation cohort furthers this approach, which is guided by insights and best practices from across the country, and articulated a paper released earlier this year on Tackling Persistent Residential Vacancy, Abandonment, & Disrepair.

Below are statements of support from the Baltimore Housing Innovation Cohort and partners.

“Partnering with JPMorganChase allows us to address a fundamental need for affordable housing, which is essential for individual stability and wealth building. Through the rehabilitation of vacant rowhouses for first-time homeowners, we are also teaching trades skills and civic engagement, while nurturing a sense of belonging and opportunity. This new grant will support our expanding services and training opportunities as we begin creating a Community Resource Center in 2025, which will further cultivate knowledge and connection, reminding us that affordable housing and the skills to maintain a home are a cornerstone of dignity and resilience," said Shelled Halstead, Founder and Executive Director, Black Women Build, Inc.

“This funding from JPMorgan Chase will significantly increase City Life Community Builders capacity to address Baltimore City’s vacant housing crises and build back neighborhoods,” said Ellen Burke, Co-Founder and Executive Director, City Life Community Builders.    

“We are excited to continue providing affordable homeownership through our next phase of the Bakers View Homeownership Development Project. We greatly appreciate the support from JPMorganChase, as well as the continued partnership of our community stakeholders. Through this project, we are continuing to assist with generational wealth for homeowners in the community,” said JohnDre Jennings, Executive Director, Druid Heights Community Development Corporation.

“Greater Baybrook Alliance is honored to partner with JPMorganChase and the Baltimore Housing Innovation Cohort to use best practices that disrupt the dynamics of disinvestment and abandoned properties in our neighborhoods. These funds will allow us to build our in-house expertise, scale up our vacant mitigation program, and restore the health of our blocks,” said Meredith Chaiken, CEO, Greater Baybrook Alliance.

“The Green & Healthy Homes Initiative is honored to receive this generous support from JPMorganChase to advance our work ensuring that Baltimore’s most vulnerable children, families and seniors have access to holistically healthy, safe and energy efficient homes. Our more than 30 years of providing healthy housing services throughout the city has proven to reduce lead poisoning, asthma and injury while supporting housing stability, and wealth building. When homes are healthy, young children can get to the classroom healthy and ready to learn and seniors can age in place safely and with dignity,” said Ruth Ann Norton, President and CEO, Green & Healthy Homes Initiative.

“We believe this investment will not only revitalize housing in northeast Baltimore but also empower residents to build wealth through affordable homeownership while maintaining long-term community affordability. We look forward to working with JPMorganChase to make a positive and lasting impact,” said Garrick Good, President and CEO, North East Housing Initiative.

“NCST appreciates our long-standing partnership with JPMorganChase and their support of our efforts to expand our Baltimore-based emerging developer loan fund, the DASH Fund.  Over the past three years we have invested over $2.1 million, guaranteeing affordability for first-time homebuyers and accessible capital for emerging developers of color.  These loans would not be available without JPMorganChase’s steadfast investment in revitalizing Black and Latino communities across the country, especially in Baltimore.  As we look to increase our investment and impact through the DASH Fund, NCST is grateful for JPMorganChase’s generosity and enduring commitment,” said Christopher Tyson, President, National Community Stabilization Trust.

“We are thrilled to begin this partnership with JPMorganChase and to have the opportunity to expand our collaboration with fellow cohort members as we all work towards a common goal: eliminating Baltimore’s crisis of abandoned housing and restoring healthy blocks and communities where every resident and family can thrive,” said Sean Closkey, President, ReBUILD Metro.

“On behalf of the Board of Directors, staff and neighborhood associations we are delighted to play our overarching role in answering both the Governor’s and Mayor’s call to action to address vacant and abandoned homes.  We acknowledge that Southwest Partnership is part of the whole as it relates to addressing an issue that has plagued the city for decades. By being awarded this grant, this will provide the necessary tools to advance the mission of vacancy reduction in Southwest Baltimore,” said Donny R. James, Executive Director of Southwest Partnership, Inc.

JPMorganChase in the Greater Baltimore region

JPMorganChase has served the Greater Baltimore community for more than 130 years. The firm has supported the placement of more than 12,000 local residents into apprenticeships, full-time, or part-time positions and the participation of more than 5,800 individuals in job training programs aligned with high-demand industries. Since 2019 the firm has committed $16.7 million in philanthropic capital to the region where it serves as the bank of choice for more than 35,000 small business clients and 569,000 consumer banking customers. To support wealth-building and economic development, JPMorganChase committed to investing $20 million in philanthropic capital and flexible-low cost loans in Baltimore by 2027.

About JPMorganChase

JPMorganChase (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.1 trillion in assets and $341 billion in stockholders’ equity as of June 30, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.