The Washington Post: JPMorgan Chase Commits $5 Million to Combat Gentrification Along the Purple Line

The Washington Post, October 22, 2019 : JPMorgan Chase Commits $5 Million to Combat Gentrification Along the Purple Line

A major national bank has committed $5 million to nonprofits to support affordable housing and small businesses threatened by development expected to follow the Purple Line being built in Washington’s Maryland suburbs.

The award by JPMorgan Chase, announced Tuesday, is the largest grant so far for efforts to combat gentrification that could displace residents along the 16-mile route of the light-rail line linking Bethesda in Montgomery County and New Carrollton in Prince George’s County.

The investment, spread over three years, aims to help preserve or create 1,000 affordable homes, according to a draft news release obtained by The Washington Post.

The funds also will provide backing for small-business loans totaling $900,000 to support more than 200 firms. The money will pay for bilingual technical assistance and protect or create 300 jobs, according to the release.

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