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.
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.
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 email@example.com.