JPMorgan Chase Announces $10 Million Investment East of the River

• September 25, 2017

by Nena Perry-Brown

Aerial rendering of the 11th Street Bridge Park.

This morning, JPMorgan Chase announced a three-year investment of $10 million in communities east of the Anacostia River to spur economic development there while protecting residents from displacement amid plans to construct the 11th Street Bridge Park.

Half of JPMorgan’s donation will go to Building Bridges Across the River (BBAR) and partners City First Enterprises and Washington Area Community Investment Fund for efforts toward creating and preserving affordable housing, training Ward 8 residents to get jobs constructing the Bridge Park, and investing capital in small minority- and locally-owned businesses. JPMorgan is directing the remaining $5 million investment toward other initiatives that support workforce development, neighborhood revitalization, small businesses, and consumer financial health in Wards 7 and 8.

BBAR, the nonprofit behind the plans for the District’s first elevated park, has demonstrated a commitment to avoid the rampant displacement and other pitfalls of gentrification seen with the High Line in New York City, a similar retrofit piece of infrastructure-turned-attraction. Consequently, a comprehensive Equitable Development Plan was presented, proposing such measures as a Ward 8 homebuyers club and a community land trust to prevent displacement and preserve affordability.

JPMorgan’s financial award joins a $50 million commitment from Local Initiative Support Corp. in supporting measures to invest in the neighborhoods surrounding the future site of the Park.

“We’re thrilled that JPMorgan Chase recognizes the community-driven work we are doing to ensure nearby residents can stay and thrive in place,” Scott Kratz, director of the 11th Street Bridge Park, said in a statement. “Bringing affordable housing, job opportunities and wealth creation is critical to maintaining the integrity and sustainability of the neighborhoods east of the Anacostia River.”

This article originally published at http://dc.urbanturf.com/articles/blog/jpmorgan_chase_announces_10_million_investment_east_of_the_river/13046