Helping preserve affordable housing options along metro Denver’s expanding transit corridors, Chase has targeted approximately $1.25 million of a $5 million national grant to help Enterprise Community Partner’s (Enterprise) subsidiary, Enterprise Community Loan Fund, provide flexible loans to groups focused on preserving permanently affordable multi-family housing near public transportation stops. These resources will build on and complement the work Enterprise and its partners are already doing with the Denver TOD Fund.
“Enterprise appreciates Chase’s long-time alliance to help our partners preserve and develop affordable homes,” said Melinda Pollack, vice president, Enterprise Community Partners, in Denver. “This investment builds on the momentum of Mile High Connects (formerly the Mile High Transit Opportunity Collaborative) and the Denver TOD Fund, and meets a growing need in metro Denver.”
In communities throughout the country, existing affordable housing units are being lost to increasing property values, owner opt-outs of affordable restrictions and foreclosure. Preserving affordable housing is vitally important to maintaining stable housing choices and opportunities for low- and moderate-income individuals and families. The combined cost of housing and transportation consumes nearly 60 percent of the gross income of many low- and moderate-income people in the Denver region. It’s critical that people have access to both.
“In Enterprise, we have a local and national partner who can have a tremendous impact in metro Denver, especially as our transportation infrastructure grows,” said Todd Munson, president of JPMorgan Chase in Colorado. “This grant complements the work Chase has been doing to support long-term affordable housing in Denver and beyond.”Chase has partnered with top-tier CDFIs for more than 20 years and remains a national leader in their financing. Over the last three years, Chase provided more than $1 billion in loans, grants and investments to CDFIs and their affiliates, committing $100 million toward CDFIs over the last two years. In addition, Chase has provided $50 million for charter schools, in conjunction with a larger $325 million charter school initiative; $25 million to small businesses; and $5 million for other community needs including healthy food access.