Chicago, Dec 8 (HINA)- The Resurrection Project (TRP) and partners celebrate the announcement of JPMorgan Chase’s AdvancingCities Challenge, part of the firm’s $500 million, five-year initiative to drive inclusive growth and create greater economic opportunity in cities. TRP has been selected as one of two organizations in the Midwest who earned this prestigious philanthropic investment.
Led by TRP, a collaborative of Chicago organizations are receiving $7.2 million over three years to boost homeownership through innovative new modular home construction, financial products, and financial coaching in South and Westside neighborhoods, including Back of the Yards, North Lawndale, and Chicago Lawn.
“As a leader in building healthier communities, receiving this award is a great achievement for The Resurrection Project (TRP)” said Marisa Novara, Department of Housing Commissioner. “The investment by JPMorgan Chase in AdvancingCities in Chicago is a great testament to the City’s leadership in community development. This City stands ready to work with TRP, its partners and Chase to rebuild communities through homeownership.”
The investment will support the collaborative’s “Block by Block” initiative that will create and preserve over 150 affordable housing units, engage 3,000 participants in homebuyer preparation, provide over $2.8 million in affordable mortgage and home improvement loans, and create and preserve $50 million in community wealth for residents.
Collaborating organizations are: Back of the Yards Neighborhood Council, Peace and Education Coalition of the Back of the Yards Neighborhood, Precious Blood Ministry of Reconciliation, Capital Good Fund, Lawndale Christian Development Corporation, and Southwest Organizing Project.
“Structural barriers have stripped black and brown communities of wealth and opportunity,” says Raul Raymundo, CEO and Co-Founder of The Resurrection Project. “Homeownership is a pathway for families to close the racial wealth gap. TRP and our coalition members are honored to receive the AdvancingCities award, and to partner with JPMorgan Chase and the city in this critical work.”
“Access to safe and quality affordable housing is essential to thriving communities but is out of reach for too many Chicagoans,” said Charlie Corrigan, Head of Midwest Philanthropy, JPMorgan Chase. “This is the biggest philanthropic commitment in a single project that JPMorgan Chase has ever made in Chicago, and will contribute to our goal of advancing economic mobility and helping address the racial wealth gap in the city.”
Together, we will strengthen recovery efforts in Chicago and address the needs of Black, Latino, and immigrant communities that have been disproportionately affected by COVID-19 and decades of underinvestment. (Hispanic News Wire).