We offer construction and permanent financing for multifamily affordable rental housing and short-term loans for properties with rent restrictions or subsidy agreements; debt and equity for projects utilizing the New Markets Tax Credit Program; equity for projects utilizing the Historic Tax Credit program; intermediaries lending to CDFIs and LIHTC syndicators; and treasury and payments.
Our bankers have experience with a wide variety of financing structures. Please contact us through the form below to discuss your specific project.
Our Community Development Banking insights page has several resources on these topics; your banker can provide additional resources.
We have experience with a large number of syndicators, including proprietary or multi-investor funds.
Yes, our Tax Oriented Investments group, which sits within the Corporate & Investment Bank, invests LIHTC equity through syndicators as an upper-tier investor.
Our footprint is national. Our primary focus is low-income communities in Chase’s retail footprint.
Yes, in some instances, subject to certain limits regarding commercial income underwriting and leasing requirements. Please contact us through the form below to discuss.
Yes, in some instances. Please contact us through the form below to discuss.
Yes. Please contact us through the form below to discuss.
No. However, we do have maximum exposure limits for sponsors/guarantors.
We do not currently lend to for-sale projects. Please contact us to discuss.
We aim to deliver certainty of execution and the strength of the entire JPMorgan Chase firm. We finance projects of a wide variety of sizes—from small, mission-driven transactions to very large and complex ones—in support of JPMorgan Chase’s Community Reinvestment Act and Corporate Responsibility objectives.
Community Development Banking includes Community Development Real Estate Lending, Intermediaries Lending, New Markets Tax Credit and Historic Tax Credit. Our team of over 70 people includes bankers, underwriters and managers. We’re organized into Central, Northeast and West regions, with offices in:
Though we largely focus our efforts on communities served by a Chase retail presence, we support our clients across the country, lending to community development projects in low- and moderate-income communities.
Global Philanthropy and Community Development Banking regularly discuss and align on JPMorgan Chase’s Community Reinvestment Act and Corporate Responsibility objectives. We work hand in hand to make an impact in local communities, and are proud to use our resources to give back.
Yes, all three. The majority of our NMTC team’s focus is on tax credit investing in the NMTC program. The rest is spent as an allocatee, receiving NMTC awards and supporting projects in highly distressed low-income communities. Our team also works with other lines of business from across Chase that need debt for their NMTC projects.
Chase often uses our NMTC allocation to help fill the gaps in projects we’re working on with other NMTC allocatees or Community Development Entities (CDEs). By providing our NMTC allocation to projects we are working on with other CDEs, we can efficiently help fill the financing needs of projects often without any additional transaction closing costs.
Chase New Markets Corporation (CNMC) has received $680 million of NMTC allocation since the program’s inception. Our proprietary NMTC allocation is in high demand, and we use our allocation thoughtfully and strategically. Please contact us to discuss.
Yes, Community Development Banking makes direct investments into HTC projects. Our HTC team works directly with developers to evaluate, structure and close the tax credit investment. Our team then directly works with the developer team throughout the construction period to fund additional equity installments, and post-completion (through the five-year compliance period) to collect financial performance information and receive cash flow returns on the investment.
The most common asset in our HTC portfolio is multifamily housing. We will consider any type of asset, but will need to gain comfort with project viability and returns during our real estate underwriting process in order to proceed.
The Community Development Banking team at Chase works directly with project sponsors (developers) to understand and structure the HTC investment. Our team also seeks to deepen our relationship with developers by offering treasury solutions, loans and other bank products that support our real estate clients.
While we prioritize investments in CRA-qualified projects, we will also invest in projects that haven’t qualified for CRA.
Community Development Banking works with many of the nation’s CDFIs through its Intermediaries Lending team, NMTC investment activities and affordable housing lending. Our Intermediaries Lending team provides core liquidity and revolving and non-revolving debt facilities along with treasury products for CDFIs. The CDFIs we work with are generally the larger national and regional CDFIs and are principally nondepository loan funds; they have strong portfolio management track records and lending histories, a proven ability to navigate economic cycles and rigorous, defined risk, underwriting and portfolio management policies and practices. For the larger CDFI relationships, Intermediaries Lending has also developed a strong relationship with JPMorgan Chase’s Public Finance team to assist CDFIs that seek to access the public bond markets.
Chase does not offer PRI or EQ2 products. However, the Corporate Responsibility team does maintain a strong focus on supporting and working with CDFIs through the PRO Neighborhoods grant program and flexible debt through the AdvancingCities program.
We seek to develop and maintain broad relationships with our CDFI partners. Principal products include:
While we have no minimum loan size, loans are typically at or above $5 million. Loan terms are generally two to three years and up to five years, though in some cases loans may extend beyond this.
Financing is primarily offered on a floating-rate basis but fixed-rate options may be available.
Beyond our work with CDFIs, Intermediaries Lending offers lending and other banking products, principally deposit and treasury and payments products, to LIHTC syndicators.
The information enclosed is not advice on legal, tax, investment, accounting, regulatory, technology or other matters. You should always consult your own financial, legal, tax, accounting, or similar advisors before entering into any agreement for our products or services. In no event shall Chase or any of its directors, officers, employees or agents be liable for any use of, for any decision made or action taken in reliance upon or for any inaccuracies or errors in, or omissions from, the information in this material. In addition, eligibility for particular products and services is subject to satisfaction of applicable legal, tax, risk, credit and other due diligence, JPMorgan Chase’s “know your customer,” anti-money laundering, anti-terrorism and other policies and procedures.
Products and services may be provided by Commercial Banking affiliates, securities affiliates or other JPMC affiliates or entities. In particular, securities brokerage services other than those that can be provided by Commercial Banking affiliates will be provided by appropriate registered broker/dealer affiliates, including J.P. Morgan Securities LLC and J.P. Morgan Institutional Investments Inc. Any securities provided or otherwise administered by such brokerage services are not deposits or other obligations of, and are not guaranteed by, any Commercial Banking affiliate and are not insured by the Federal Deposit Insurance Corporation.
Chase, J.P. Morgan, and JPMorgan Chase are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide (collectively, “JPMC”, “We”, “Our” or “Us”, as the context may require). In preparing the information, we have relied upon, without independently verifying, the accuracy and completeness of publicly available information or information that you have provided to us. These materials do not represent an offer or commitment to provide any product or service. Our products and services are subject to applicable laws and regulations, as well as our service terms and policies. Not all products and services are available in all geographic areas or to all customers. JPMorgan Chase Bank, N.A. Member FDIC. © 2019 JPMorgan Chase & Co. All rights reserved.