JPMorgan Chase is one of LISC’s earliest and longest-standing partners. Since 1980, it has provided LISC with over $3 billion in grants, loans, and equity to advance our shared vision – one in which all people have access to opportunity and benefit from inclusive development in their neighborhoods and communities.
We are thrilled to continue our partnership with a recent significant investment from JPMorgan Chase in New York City.
Earlier this year, the JPMorgan Chase Foundation announced a $500,000 grant to expand one of LISC’s flagship programs in New York City: the New York Land Opportunity Program (NYLOP). NYLOP helps mission-driven organizations develop and preserve affordable housing on their land. Developed by LISC NYC, the program is a partnership with the New York City Mayor’s office, the New York City Department of Housing Preservation and Development (HPD) and New York City Department of Veterans’ Services (DVS), to address the city’s affordable housing shortage.
The program strengthens the ability of mission-driven organizations to remain anchor institutions in their neighborhoods, even as significant change is taking place around them. The participants will not only contribute new affordable housing, but also identify strategies to remain in place so that they can continue offering community programs that address the needs of youth, seniors and those facing hunger, poverty and homelessness in their neighborhoods.
“We’re proud to support NYLOP’s mission of addressing New York City’s ongoing affordable housing crisis,” said Dave Walsh, Northeast Regional Manager for Community Development Banking, Chase. “It’s important for all industry players to work together to identify solutions for preserving and creating affordable housing. We’re dedicated to investing in programs like this and financing development projects that make a lasting impact on local communities.”
“NYLOP responds to the steep decline in available land for new affordable housing development at a time when New York City is experiencing a housing crisis. The program also addresses the issue that the city’s limited affordable housing stock is at risk of converting to market without a strategy for helping mission-driven organizations to preserve their housing. Many mission-driven organizations are committed to preserving and developing affordable housing, but need technical assistance with real estate finance to do so. We are tremendously grateful to JPMorgan Chase for partnering with us to meet this critical need,” said Interim Executive Director of LISC NYC, Eva Alligood.
NYLOP will provide participating nonprofits with free technical assistance to preserve and develop new affordable housing on their land, including architectural, legal and financing assistance.
"NYLOP supports resilient community based organizations providing solutions to New York City’s critical housing challenges and serving as anchors in their neighborhoods. We greatly appreciate JPMorgan Chase’s generous investment which enables us to expand NYLOP's impact in the next chapter of the program,” said LISC’s President and CEO, Maurice A. Jones.
The JPMorgan Chase grant announcement follows LISC NYC’s news about selecting its second NYLOP cohort in August—six nonprofit owners who will receive support to preserve their HUD 202 properties which house very low-income seniors. Earlier this year, LISC’s offices in the Bay Area, San Antonio, and Buffalo also announced that they will replicate NYLOP in their communities.
LISC is grateful for our continued partnership with JPMorgan Chase, working together to realize our shared mission of inclusive growth.
JPMorgan Chase works to increase economic opportunity by using its global scale, talent and resources to invest in and promote jobs and skills, small business expansion, financial health, and neighborhood revitalization.