has announced a five-year, $100 million in support of economic recovery and revitalization efforts in Detroit.
Representing a combination of loans and grants, the investment includes $20 million in flexible, long-term debt capital and $5 million in capacity-building grants to both and , which will use the funds to bankroll residential, commercial, and retail development projects. The bank also committed $25 million in support of efforts to tackle urban blight, including $5 million and technical assistance to the $5 million for a rehab loan pilot program; and $1 million to the 's Motor City Mapping Project, which will use the funds to create online access to information on all properties in the city.
In addition, the bank committed $12.5 million in support of efforts to better link the city's workforce development efforts with employer needs; $7 million in support of small businesses in the city, including tech startup incubator and ; and $5.5 million in support of the new M-1 streetcar and bringing the , a joint project of the and JPMorgan Chase, to the city. Through the JPMorgan Chase Detroit Service Corps, volunteers also will offer capacity-building and technical assistance to local nonprofits.
"The City of Detroit is at a critical juncture and the moment of opportunity is now," said Invest Detroit president Dave Blaszkiewicz. "The investment capital provided by JPMorgan Chase will serve as a vital resource for renewal by strengthening the platform for development of residential, commercial, and mixed-use projects."