Posted on January 22, 2012

Chase Awards $2 Million for Affordable Housing Preservation Projects

The Northern California Community Loan Fund has announced a $2 million grant from JPMorgan Chase to help provide loans to nonprofit agencies in support of large-scale affordable housing preservation projects in the greater San Francisco Bay Area and Central Valley communities.

The grant will help NCCLF, a community development financial institution (CDFI), provide a variety of affordable housing loans, including loans for multi-family rentals and home ownership. Partners since 1998, Chase and NCCLF have worked to develop innovative ways to provide much-needed financing to improve affordable housing units and revitalize low-income communities by providing housing for a diverse local workforce, increasing demand for goods and services, and promoting social integration.

Over the past year, Chase has awarded $20 million in grants in support of CDFI partners like NCCLF that provide capital for the preservation of affordable housing. Over the last three years, Chase has provided more than $1 billion in financing to CDFIs and their affiliates.

"This grant of private loan capital will significantly boost our capacity to help Bay Area and Central Valley nonprofit and community development organizations create and preserve much-needed affordable housing," said NCCLF president Mary Rogier. "The grant will go a long way toward realizing our vision of helping our clients build financially strong and culturally vibrant communities where each person has access to decent jobs, homes, health care, education, and economic opportunities."