Three-year commitment will help build 112 new affordable housing units
JPMorgan Chase & Co. is investing $400,000 in Metropolitan Ministries over the next three years to help the organization build 112 new affordable housing units in the Tampa Bay area.
This brings JPMorgan Chase’s total investment in Metropolitan Ministries to $490,000 to address affordable housing issues in Tampa Bay. Last year, the firm provided $90,000 to help the organization develop a feasibility study for an expanded affordable housing initiative – resulting in a new program for Tampa Bay families transitioning out of the Ministries’ residential program.
“Florida has one of the nation’s highest rates of cost-burdened renters and greatest shortage of affordable housing,” said Michael Baughen, head of the J.P. Morgan Private Bank in Tampa. “We’re investing in Metropolitan Ministries because they have a proven track record of working with local leaders and organizations to come up with innovative ways to solve this problem.”
The investment and the initial initiative to build 112 new affordable units will pave the way for Metropolitan Ministries to gain valuable lessons, which can lead to further projects throughout Tampa Bay.
Since 2012, the number of families receiving housing through Metropolitan Ministries’ programs has grown tenfold from 43 to more than 450 in Tampa Bay. The Ministries is steadfast in its desire to implement innovative alternatives and collaborative partnerships to meet the needs of the community and care for more at-risk families. This year, the Ministries aims to case-manage an additional 300 families off campus with an expansion of its remote case management prevention program.
Tim Marks, President and CEO of Metropolitan Ministries said, “It’s imperative that our graduates maintain self-sufficiency long-term. Right now they have a 94% success rate in maintaining housing 12 months after graduation. We have witnessed an explosion of need even as the economy soars and unemployment rates drop. Our monthly number of assessments for onsite residential programs has doubled and peaks at 300 families a month. The number one reason? Lack of affordable housing for the working poor and families on fixed income. We are compelled by our mission to address this need, and we couldn’t do it without the tremendous support of JPMorgan Chase.”
JPMorgan Chase has invested in other initiatives with the Ministries in recent years. The firm was the first to support Metropolitan Ministries’ culinary school associated with the social enterprise, Inside the Box. The culinary arts and job training program has grown into a successful model, graduating and employing more than 175 skilled culinary arts students since its inception.
JPMorgan Chase has more than 5,000 employees working in the Tampa Bay area across all of its lines of businesses and contributed more than $1.7 million to local nonprofits in the Tampa Bay area last year.