JPMorgan Chase announces details of 2nd year commitment to Detroit's economic turnaround



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DETROIT — JPMorgan Chase & Co. announced plans Monday for the second year of its 5-year commitment to help Detroit address some of the challenges faced by the city which emerged in December from the largest municipal bankruptcy in U.S. history.

Programs for 2015 include the development of a map to highlight where jobs are in the city and the skills needed to fill them.

The global financial services firm also will provide $500,000 to help 350 young people find summer jobs. A home restoration program will be expanded to provide financing for homes sold outside the Detroit Land Bank Authority online auction.

Another $225,000 will go to support income tax assistance and financial coaching for residents and small businesses.

JPMorgan Chase already has put $34 million to work in Detroit and is working with nonprofit groups and city leaders to address community development, neighborhood stabilization, workforce training, small business expansion and economic growth.

Another $32 million in financing is also being made available for the renovation of two once-vacant office buildings in downtown Detroit. That amount is in addition to the funding in JPMorgan Chase's 5-year commitment to help redevelop the city.

A groundbreaking ceremony was held Monday for the 11-story Capitol Park Lofts. Construction and renovation are underway, and when completed next year, the building will house 63 apartments and 18,664 square feet of commercial space.

The project is the second of a three-building revitalization developed by Karp and Associates to help spur economic investment downtown.

Renovation of the former and vacant 13-story Detroit Savings Bank was completed in February. It features apartments and office space.

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