Chase’s PRO Neighborhood’s $125 million program for disadvantaged neighborhoods nationwide provides funding to acquire, upgrade and provide affordable housing in areas headed for gentrification.
Another PRO aspect is working with Community Development Financial Institutions (CDFI) to pool resources and build health and education facilities as well as support community services.
Chase’s 2014 $33 million PRO Neighborhood pilot program resulted in raising $226 million, seven times the original amount, more capital for local economic and social service projects.
According to what MHProNews has learned from nationalmortgagenews, “This has resulted in $100 million in loans, financing first-time home purchases, the preservation and development of over 2,000 units of affordable housing, lending to over 130 small businesses, and creating and retaining 2,650 jobs.” ##
(Photo credit: nbcsandiego–affordable manufactured housing)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.