Bank To Invest $75 Million Into Underserved Communities in the D.C. Area

credit: Hartford Public Library - YOUMedia Hartford Facebook Page

JPMorgan Chase has pledged $5 billion in "philanthropic capital and flexible low-cost loans" over the next five years. Wards 7 and 8 in Washington, D.C., will receive about $20 million of that.

"Business must do its part to help solve challenges facing customers and communities it serves," says the vice president of an investment bank. Early education and affordable housing for African-American and Latina families will be among the investments.

Another $5 million will be used to assist a coalition of organizations in developing wealth-building programs for minority developers.

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