On March 4, 2019, JPMorgan Chase is opening its sixth Partnerships for Raising Opportunities in Neighborhoods (PRO Neighborhoods) CDFI Collaborative Competition.

JPMorgan Chase launched PRO Neighborhoods – a five-year, $125 million effort – in 2016 to address neighborhood quality issues that are among the biggest drivers of income and wealth inequality. Thriving neighborhoods are critical to the long-term economic success of individuals, communities and cities, but every city faces its own set of challenges and needs a localized, inclusive strategy.

To address these challenges and source innovative models, JPMorgan Chase hosts an annual competition that encourages Community Development Financial Institutions (CDFIs) to develop creative partnerships and invest in local solutions that advance a comprehensive, strategic vision for the community.

To date, JPMorgan Chase has hosted five competitions, awarding more than $98 million to 25 groups of CDFIs across the country – work that’s highlighted in a progress report by the Joint Center for Housing Studies of Harvard University. The report found that after its $68 million investment, the winners of the first three competitions raised an additional $713 million in outside capital, issued over 21,000 loans to low-to-moderate income customers, and created or preserved over 3,000 affordable housing units and 11,000 quality jobs.

COMPETITION DETAILS

JPMorgan Chase is soliciting proposals for two opportunities:

‘Planning for Equitable Development Grants’ aka ‘planning grants’ for local multidisciplinary leaders, such as economic development focused government agencies, community development organizations, to identify the greatest needs facing their communities and develop a new equitable neighborhood plan. These plans will outline a vision and approach for how a capital strategy by a collaborative of CDFIs can address some of the biggest barriers to opportunity in distressed neighborhoods. Successful applicants will be eligible for a one-year grant of up to $100,000.

‘Collaborative Capital for Equitable Development’ aka ‘capital grants’ for CDFI Collaboratives that are proposing a capital strategy to advance an existing equitable neighborhood plan that addresses a documented challenge within their neighborhood(s). We are looking to support proposals that outline how the CDFIs will create a direct link from capital investment to the larger vision. Successful applicants will be eligible for a three-year grant of up to $5 million.

Applications are encouraged from the full list of eligible markets, as well as encouraged to (1) be specific about the neighborhoods and populations they are serving, (2) support the growth of diverse led CDFIs, (3) build the balance sheet of CDFIs with net assets of less than $75 million, and (4) support innovative strategies by local CDFIs that combine balance sheets, talent and technology to advance economic opportunity in distressed neighborhoods.

The RFP launches on March 4 and proposals are due by April 22 midnight PST. Winners will be announced in October.

INFORMATION CALL

Opportunity Finance Network (OFN) is hosting an informational call with JPMorgan Chase’s Colleen Briggs and Mercedeh Mortazavi to answer your questions about the program and RFP:

Date: Wednesday, March 20, 2019
Time: 1:00 – 2:00 PM EST
Please RSVP here: https://attendee.gotowebinar.com/register/1749837967768176641

Questions? Email cdfi.requestforproposal@jpmchase.com.

Over $1 million was recently allocated to fund the Virginia Low Income and Weatherization Program.

The funds provide multifamily properties energy saving measures such as:
– Insulation and air sealing
– Furnace tune-ups
– Low-flow water measures
– About $1,500 per unit in capital improvements, completely funded by Washington Gas

There is NO COST to the property owners or residents to receive these measures. To be eligible:
– A property must be classified as “affordable housing,” or two-thirds of the residents must be considered “income eligible”
– Residents MUST have their own Washington Gas account

For additional information, please visit this website or call Mitch Fischler, Utility Programs Advisor at ZeroDraft to discuss: (410) 980-9774. You may also email info@zerodraftmd.com for further explanation.

Act quickly – funding expires in April!

Virginia Community Development Corporation’s award-winning Nonprofit Sustainability Challenge is now accepting applications!

The challenge is a dynamic 14-month intensive program to help your organization adapt and thrive during changing times. Two leaders from each of the participating organizations will identify, pursue and achieve success at a major challenge that will positively impact the organization’s long-term financial sustainability.

How does it work?
The program provides two leaders from each selected organization with information, tools, networking and coaching resources that enable them to develop and/or refine business strategies with an emphasis on long-term organizational sustainability.

Leaders from the selected organizations must commit to:

-Attend the following retreat dates:

June 2-4, 2019
October 6-8, 2019
February 23-25, 2020
June 14-16, 2020

-Participate in three webinars and at least 15 individual organizational coaching calls.

-Completion of all reading and assignments over the 14-month program.

-Participants must commit to a significant amount of time outside of the above program framework (retreats, webinars, readings/assignments and conference calls) to achieve measurable results.

Tuition (representing a small portion of program costs) is $2,000 per organization plus travel costs.

Applications are due April 5, 2019. For more details on this program and information on how to apply, check out the flyer here.

CohnReznick invites you to join its team for a discussion on affordable housing development. To be discussed are timely topics making national and local industry headlines along with business and tax issues impacting your deals:

Discussion Topics

• How Tax reform will affect your business
• The current legislation for tax credit expansion
• Appropriated Housing changes and RAD
• Healthcare and housing: new partners in development?
• State and local programs and QAP changes impacting your deal
• Strategies for filling the funding gap in your deals

Who Should Attend

Key decision-makers of companies involved in the affordable housing industry—developers, owners, property managers, syndicators, investors, and lenders. It will offer an ideal networking venue that will enable attendees to connect, exchange ideas, and develop relationships.

Local Locations and Dates

Baltimore – January 24, 8:30 a.m. to 10 a.m. ET
Address: 500 East Pratt Street, 3rd Floor, Baltimore, MD

Bethesda – January 25, 8:30 a.m. to 10 a.m. ET
Address: 7501 Wisconsin Avenue, Suite 400E, Bethesda, MD

Register and check out more details here.

The Washington, DC Chapter of African American Real Estate Professionals (AAREP) recently announced its 2018 Gala Awardees. HAND congratulates all of the award recipients, which include several HAND members (The Menkiti Group, DC Housing Finance Agency and Miles & Stockbridge)! The following is a complete list of the honors:

Community Impact Award: The Menkiti Group

Deal of the Year: Elvans Townhome Development

Emerging Leader: Christopher Miller, DC Housing Finance Agency

Member of the Year: Adina Gittens-Smith, CBRE

President’s Award: Anitra Androh, Miles & Stockbridge

The recipients will be honored at AAREP’s Annual Awards Gala to be held Thursday, November 15 in Washington, DC.