Homeport is the single largest local developer of affordable housing focused solely on Central Ohio with more than 6,200 low- and moderate-income residents, half of whom are children. High quality partnerships help in promoting and providing stability and opportunity to our residents. This is the ninth in our partner profile series.
HOMEPORT: Can you tell us about JPMorgan Chase & Co., its history? It seems long and significant.
CHASE: JPMorgan Chase has been serving customers and the community of Central Ohio dating back to 1868—with the founding of Sessions & Co. in downtown Columbus. Through a series of mergers and acquisitions, Sessions & Co. eventually became City National Bank & Trust which turned into one of the nation’s largest banks, Bank One. In 1998, Bank One bought First Chicago. Six years later, JPMorgan Chase bought Bank One. We’re proud of our innovative history over the last 150 years and have been a leader in introducing innovative banking and technology services to customers. Now in 2019, we are one of the largest private employers in Central Ohio with nearly 20,000 employees.
HOMEPORT: As noted, Chase is one of the largest employers in Central Ohio and supportive of many community needs and endeavors. Tell us about it and why affordable housing is in that mix.
CHASE: Many neighborhoods are struggling from disinvestment, high poverty and unemployment, lack of affordable housing, persistent crime and other challenges. As a result, many of the most vulnerable residents are shut out of the rewards of a growing economy.
JPMorgan Chase believes ensuring an expanding economy that creates greater opportunity for more people requires deliberate action and meaningful collaboration among the private, public and nonprofit sectors.
We take a comprehensive approach to increasing economic opportunity, using our firm's global scale, talent and resources to make investments and create partnerships in four priority areas: Jobs & Skills, Small Business Expansion, Financial Health, and Neighborhood Revitalization.
Recent data shows that Central Ohio is one of the fastest growing communities in the country with the populations anticipated to double by 2050 adding another 1 million residents. JPMorgan Chase recognizes that thriving neighborhoods are critical to the long-term economic success of individuals, communities and cities. The need for quality safe affordable housing is central to these efforts.
HOMEPORT: How does an organization like Homeport fit into Chase’s mission?
CHASE: For many years, Chase and Homeport have worked together to improve the financial health and resiliency of Central Ohio residents. Through this longtime partnership, Chase has provided financial and capacity building support for Homeport‘s mission of serving low-moderate residents and underserved communities in Central Ohio.
With skilled volunteerism, board representation, and technical assistance, JPMorgan Chase and Homeport partner in the following ways:
· Expanding its homebuyer and financial coaching programs.
· Providing opportunities for staff to attend NeighborWorks place-based training.
· In-kind access to ongoing strategic communications training cohorts.
· Empowering individuals and families to achieve their financial goals, including sustainable homeownership.
HOMEPORT: What does JPMorgan Chase envision as its key characteristics, role and impact 10 years from now?
CHASE: We are maximizing our impact by focusing where we can best apply our firm’s resources and capabilities to drive inclusive growth: building job skills, expanding small businesses, revitalizing neighborhoods and promoting financial health.
We’re putting this model into action through significant, long-term and data-driven investments that leverage our firm’s expertise, capital, data, technology and global presence.
As announced in early 2018, JPMorgan Chase will deploy $1.75 billion in philanthropic capital around the world by 2023.
And, as evidenced by these and other programs that engage our employees in our efforts, our firm is not only devoting its financial resources to supporting our communities, but also leveraging its greatest strengths to ensure those resources make a real difference in people’s lives.