Lessons for Philanthropy from JPMorgan Chase's AdvancingCities Challenge
Last year, JPMorgan Chase received 150 applications from 35 states for the 2020 AdvancingCities Challenge – part of the firm’s $500 million, five-year initiative to help advance inclusive growth and create greater economic opportunity in communities.
We’re excited to announce over $37 million awarded to seven cities as winners of the 2020 AdvancingCities Challenge, aimed at supporting creative, collaborative, and sustainable solutions that tackle major social and economic challenges in Baton Rouge, Boston, Chicago, Minneapolis, New Orleans, Philadelphia, and Portland.
This initiative has provided JPMorgan Chase with a unique lens on the immense challenges facing communities in light of the ongoing COVID-19 crisis. Across the country, local leaders reflected on their efforts to address systemic barriers and identified successful strategies that can be replicated to aid an inclusive economic recovery. Check out Inclusive Recovery Demands Broad-Based Community-Driven Solutions to learn more about our reflections.
Here’s a look at a few of the 2020 winners who are advancing collaborative solutions:
In Chicago, The Resurrection Project and its partners are increasing the supply of affordable housing through modular housing and increasing sustainable homeownership through innovative financial products in South and West side neighborhoods.
In New Orleans, NOLA Business Alliance and its partners are strengthening the city’s economic and climate resilience by providing pathways to new career opportunities and contract opportunities for small businesses, particularly for people of color, in the growing blue-green infrastructure industry.
In Portland, Craft3 and its partners are combating residential and commercial affordability challenges in neighborhoods where long-time residents and small businesses, in particular those owned by Black, Indigenous, Latinx, and Asian and Pacific Islanders, are threatened to be displaced by a new light rail expansion.
The takeaway: When businesses, employers, nonprofits and civic leaders work together, we can create sustainable change for communities and expand economic opportunity for more people.
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