Individuals and families find more long-term economic success when the neighborhoods they live in are thriving, and every city faces its own set of challenges in making sure that’s the case for all communities, including distressed neighborhoods.
As part of our goal to drive inclusive growth to all, JPMorgan Chase is launching its fifth annual PRO Neighborhoods competition on March 5, 2018. Over the last four years, the program has supported 21 Collaboratives (more than 60 CDFIs) to improve access to affordable housing, childcare, education and healthy food, invest in small businesses and remove blighted properties in neighborhoods across the country. A 2017 Harvard study found that, as of December 2016, the 42 winners of our first two competitions have issued a wide range of loans totaling more than $320 million, helped create or preserve nearly 2,700 units of affordable housing, supported more than 6,800 jobs and leveraged an additional $549 million in outside capital.
With equitable and inclusive economic growth at the heart of our strategy, we will recognize plans that have more holistic strategies where capital plays a key role in connecting vulnerable communities to the opportunities they need to thrive. Specifically, we are soliciting proposals for two opportunities:
- Planning for Equitable Development Grants, a.k.a. “planning grants” for local multidisciplinary leaders to identify the greatest needs facing their communities and develop capital plans to advance equitable development in distressed neighborhoods. These plans will outline an intentional capital strategy prepared by a collaborative of CDFIs that can address some of the biggest barriers to opportunity in distressed neighborhoods. Successful applicants will be eligible for a one-year grant of up to $100,000.
- Collaborative Capital for Equitable Development, a.k.a. “capital grants” for communities that already have an equitable development plan to address a documented challenge within their service area(s). We are looking to support a collaborative of CDFIs with a capital strategy to advance their plan. Successful applicants will be eligible for a three-year grant of up to $5 million.
Similar to last year, this year’s RFP will encourage applicants to be specific about the neighborhoods and populations they are serving, support the growth of diverse-led CDFIs, aim to build the balance sheet of CDFIs with net assets of less than $75 million and continue to support innovative strategies by local CDFIs that combine balance sheets, talent and technology to advance economic opportunity in distressed neighborhoods. While applications are encouraged from the full list of eligible markets, we are particularly interested in solutions in:
- Atlanta, Ga.
- Broward County, Fla.
- Central Valley/Fresno, Calif.
- Dallas, Texas
- Denver, Colo.
- Houston, Texas
- Las Vegas, Nev.
- Newark, N.J.
- New Orleans, La.
- Wilmington, Del.
Opportunity Finance Network is hosting an informational call with JPMorgan Chase on Tuesday, March 13, from 2 – 3 p.m. EST to answer your questions about the program and RFP. Two past winners, National Association for Latino Community Asset Builders and 11th Street Bridge Park, will join to talk about best practices and lessons learned from equitable development planning.
When: Tuesday, March 13, 2018 at 2 – 3 p.m. EST
Please note we will accept proposals between March 5 and April 20. Winners will be announced in October.
General questions about the programs may be emailed to firstname.lastname@example.org. We are excited to see your innovative proposals in March!