Chase has awarded a $2 million grant to Northern California Community Loan Fund (NCCLF), one of the Bay Area’s leading Community Development Financial Institutions. NCCLF provides financing and expertise to strengthen low-income neighborhoods which helps to enable disadvantaged people to build a better future. NCCLF will use the funds to provide loans to nonprofit agencies to support larger-scale affordable housing preservation projects in the greater San Francisco Bay Area and Central Valley communities.
“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 Mary Rogier, president of NCCLF. “The grant will go a long way towards 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.” Chase’s $2M grant will help NCCLF provide a variety of affordable housing loans, ranging from multi-family rentals to home ownership. NCCLF loans have affordable rates and flexible terms to better meet the special needs of nonprofit and community development affordable housing projects. All phases of housing and facility production, including acquisition, pre-development and construction costs, can be financed by NCCLF.
Chase has partnered with NCCLF since 1998, supporting them in developing innovative ways to provide much-needed financing to preserve affordable housing units. Revitalizing low-income communities in such a way benefits not only residents, but also the community as a whole by providing housing for a diverse local workforce, increasing demand for goods and services, providing more employment opportunities, and promoting social integration.
“This is one more way we are helping communities grow and thrive in this challenging economy,” said Peter Barker, Chairman of JPMorgan Chase in California. “NCCLF is well-respected and has forged deep relationships with their clients and community leaders. Our grant ultimately will help increase the financial resiliency and sustainability of community-based nonprofits and enterprises which serve low-income populations throughout Northern California.” To date, NCCLF has made loan commitments of over $137 million to over 350 projects, and has provided financial and facilities management training and consulting to over 1,500 organizations. NCCLF makes loans ranging from $10,000 to $2 million for nonprofit projects including affordable housing, community facilities, human services and economic development.
Over the last 12 months, Chase donated $20 million in grants across the country to support our CDFI partners like NCCLF that provide capital for the preservation of affordable housing. The firm has provided over $1B in financing to CDFIs and their affiliates over the last three years. Chase has partnered with top-tier CDFIs like NCCLF for over 20 years because of their capacity to reach under- and unserved markets, and their ability to create innovative products and services that effectively meet the needs of low-income individuals and communities quickly and effectively.
The Northern California Community Loan Fund promotes economic justice and alleviates poverty by increasing the financial resilience and sustainability of community-based nonprofits and enterprises. Through flexible financial products and sound advice, we create opportunities to make socially responsible investments that revitalize Northern California communities.
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