Tom Henderson| Crain’s Detroit Business
New York-based J.P. Morgan Chase & Co. is unveiling plans Monday for year two of its two-year $100 million economy development initiative for the city of Detroit, which was launched last May.
- During the second half of 2015, the bank’s home-restoration program will expand into four additional neighborhoods: Grandmont Rosedale, Jefferson Chalmers, Southwest and University District/Marygrove. It launched in Boston Edison and East English Village. Liberty Bank will offer home-improvement loans to homeowners in those neighborhoods, funded in part with a $5 million grant from the Chase Foundation.
- Chase will provide a total of $385,000 to three counseling agencies — Southwest Economic Solutions, U-SNAP-BAC Community Development Corp. and Central Detroit Christian Community Development Corp. — to provide services to homebuyers interested in participating in the home-restoration program. Last year, Chase provided $305,000 to the three agencies to provide the same service.
- For the second straight year, Chase will provide $500,000 for the Grow Detroit’s Young Talent summer employment program to help more than 350 young Detroiters get summer jobs.