NEW ORLEANS – Today, HousingNOLA announced its Community Development Finance Plan (CDFP) to spur economic development and address the challenges of displacement in New Orleans. The CDFP was made possible through a $1 million investment from JPMorgan Chase & Co.’s fifth annual Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) Competition.
Today’s event included a presentation of the plan by HousingNOLA Executive Director Andreanecia Morris, an introduction of the Lenders Roundtable by JPMorgan Chase Executive Director Shearita Despenza, remarks from State Representative Royce Duplessis, and a panel discussion featuring Community Development Capital Board Member Lisa Mazique, Hope Enterprise Corporation Chief Executive Officer Bill Bynum, NewCorp, Inc. Executive Director Vaughn Fauria, and LiftFund VP of Lending Jarrett Woods.
PRO Neighborhoods provides the necessary capital to local community development financial institutions (CDFIs) to address the drivers of economic opportunity in neighborhoods. Over the next two years, HousingNOLA and partners will use the $1 million investment from JPMorgan Chase in the Claiborne Corridor as part of the total $5.8 billion called for by the CDFP to address issues citywide.
“We are extremely excited to finally announce our Community Development Finance Plan for the revitalization of the Claiborne Corridor,” said Executive Director of HousingNOLA Andreanecia Morris. “This plan represents a collaborative effort that has been years in the making, and it would not have been possible without incredible partners like JPMorgan, Chase NewCorp, Hope Credit Union, CD Capital and LiftFund. With this $1M grant, HousingNOLA will be able to make a significant and lasting investment into the Claiborne Corridor by providing critical services and community development opportunities.”
With equitable and inclusive economic growth at the heart of the strategy, JPMorgan Chase recognizes the importance of having a plan in place to develop and drive equitable outcomes for families, businesses, and communities. That’s why this year’s competition also included planning grant opportunities for local leaders such as HousingNOLA to identify the greatest needs facing their communities and develop data and community-driven neighborhood plans. Through this investment in the CDFP, JPMorgan Chase will work with HousingNOLA and its Lenders Roundtable to boost local small businesses and the production and supply of affordable housing, expanding their efforts to drive inclusive growth in New Orleans.
“The point of this investment is to foster inclusive economic development for the people who make this community special. For that to happen, we have to create more affordable housing,” said Erika Wright, Vice President and Head of Philanthropy for JPMorgan Chase in Louisiana. “We see a bright future for the Claiborne Corridor, with a thriving culture of locally-owned small businesses.”
For more information on PRO Neighborhoods, click here.
To view HousingNOLA’s Community Development Finance Plan, click here.
HousingNOLA is a 10-year partnership between the community leaders, and dozens of public, private, and nonprofit organizations working to solve New Orleans’ affordable housing crisis. The data indicates the need for 33,600 additional affordable units in the city by 2025 and the data clearly shows that wages have not come close to mirroring the dramatic rise in housing costs. By executing its
10 Year Strategy and Implementation Plan , HousingNOLA envisions a New Orleans where high-quality, safe and accessible housing is affordable to individuals and families of all income levels throughout the city.
JPMORGAN CHASE & CO. and its bank predecessors have been doing business in New Orleans for more than 180 years. The bank has more than 2,500 employees in Louisiana and more than 2 million customers statewide. Chase has been ranked the State’s #1 SBA lender for five consecutive years. Since Hurricane Katrina in 2005, JPMorgan Chase has invested $40 million to nonprofits working in Louisiana, including $6.5 million statewide in support of Workforce Readiness and $2 million in support of Small Business Development.