New Markets Tax Credit

Side note:

Roosters crowing.

Inspirational music plays.

On screen:

This video opens as the sun comes up over a rural highway. A white truck with a trailer travels the road past a historic dome and a homeless encampment under an overpass. The truck's door reads: 'Mobile Loaves & Fishes, Serving Goodness,' and a man with a glasses and a white beard sits behind the wheel.

Alan Graham:

It's very important that if we ever wanna mitigate this pandemic of homelessness in our country, the entire community really needs to get involved from top to bottom.

On screen:

Unhoused people sit outside their tents as the man looks out his window. Now, he sits at a courtyard picnic table wearing a silver cross necklace and a hat that says, 'Goodness.'

Text on screen:

Identifying text appears beside him: 'Alan Graham, Founder and CEO, Mobile Loaves & Fishes.'

Alan Graham:

Why do we do what we do? It’s to empower communities into a lifestyle of service with the homeless.

On screen:

His truck drives through a neighborhood. In a parking lot, he opens the trailer and helps unhoused people load up bags of food and clothing.

Alan Graham:

Our first goal is to transform the paradigm as to how people view the stereotype of the homeless. We believe that the single greatest cost to homelessness is a profound catastrophic loss of family.

On screen:

Alan chats with and hugs community members.

Alan Graham:

We were dreamin' big dreams and inside those dreams, these little embers that are burning, there was no one to pour fuel on those dreams.

On screen:

Alan drives his truck through a city in the evening, then gazes out across a calm pond.

Alan Graham:

And I began to realize how do I pour fuel on those dreams and move them into a place of dignity?

On screen:

Sitting on a patio, Alan pets a black lab. He puts a leash on the dog, and walks him through an RV park.

Alan Graham:

I was a real estate developer.
Alan Graham (NAT):

Come on, let’s go for a walk. Come on.
Alan Graham:

And so I began to fantasize about developing an RV park with a heart.

On screen:

He visits a neighbor.

Alan Graham (NAT):

How's it going, brother?
Neighbor (NAT):

It’s going great.

Alan Graham (NAT):

Yeah?

Alan Graham:

Dedicated exclusively to the chronically homeless men and women that you see on the streets of our city. And here we are.

On screen:

A man in a straw cap smiles from his porch, then a woman in a tie-dye tank top. A bearded man smiles as he holds his dog. A windmill spins in a breeze, and a car drives past a sign reading, 'Welcome! Community First! Village.' An aerial view shows RVs and mobile homes weaving around circular blocks and cul-de-sacs.

Alan Graham:

Currently, the Community First! Village, this is a 51-acre master plan community that has 535 homes. We have a phrase that housing alone will never solve homelessness, but community will. So everything about this is a relational movement, not a transactional movement.

On screen:

Colorful shotgun-style houses sit in a row, and residents tend to a community garden. A man harvests carrots and tosses them into a bin. Now, identifying text appears beside a woman with dark, wavy hair.

Text on screen:

'Melissa Pillars, Executive Director, New Markets Tax Credit, JPMorgan Chase.'

Melissa Pillars:

Mobile Loaves & Fishes is a really special client to work with. This is really just the first phase of reintegrating these individuals with a sense of community and then also providing them opportunities to earn dignified income so they can start on the path to a better life.

On screen:

A view sweeps over the central garden as residents and Community Partners till and water. A woman mows the lawn of her RV site as a man washes off a carrot. Residents gather under a tent with coolers, and one cleans the mirror of a hair salon. They choose from a table of desserts, and gather under string lights in a community courtyard.

A man with a long gray beard folds his arms as he stands in the road.

Text on screen:

'Blair Racine, Neighbor of Community First!! Village:'

Blair Racine:

I moved here March of 2018. Welcome to my home.

On screen:

He unlocks his door and gives a tour of a tidy living room with homey decor and a modern kitchen. He sits on his bed.

Blair Racine:

It's very roomy. I’ve got a complete kitchen and a queen size bed, you know? I’m so blessed to be here because it saved my life. No doubt in my mind.

On screen:

A sign in the kitchen says, 'home,' with a heart for the O.

Alan Graham:

What they say out there is hopeless, and then they come in here and what they find is hopefulness. It’s that transformation that knocks me over every time. And that's what I love the most about what I get to do.

On screen:

Alan fist bumps Blair as residents play instruments, shoot pool, and laugh together in a community building. Alan walks though the village in the evening, and a view pulls out of a wooden heart covered with string lights. Another sign reads: 'Community Inn: Your gateway to Goodness.'

Alan Graham:

When you're trying to do something of this magnitude, it requires a lot of creativity. And part of that creativity is a tool called New Markets Tax Credits that involve people like JPMorgan Chase.

On screen:

A blueprint shows the community design while digital mock-ups model the homes. Outside, Alan holds a village map as he surveys a landscape. Later, he steps out onto a deck labeled 'Front Porch' to greet Melissa. They share a hug.

Melissa Pillars:

New Markets Tax Credits provides Mobile Leaves & Fishes with an additional subsidy to fund their project.

On screen:

Melissa and Alan review a map, then step onto the porch as Alan sweeps his hand around the village. A two-story building is labeled 'Living Room.'

Melissa Pillars:

Our first one was in 2020 in which we funded the Living Room which is a community center for them.

On screen:

Alan shows Melissa into the living room space, and they play shuffleboard. Another building is labeled 'Hub,' where Melissa and Alan visit a man in an art studio. Another building has single stall restrooms and showers.

Melissa Pillars:

As well as their entrepreneur hub, communal showers and bathrooms. We love the project so much we actually came back for a second investment. We invested through phase three to help build out their communal spaces, their corporate offices as well as a welcome center.

On screen:

Melissa and Alan walk up to a covered deck and look out over the village. Alan gestures and points to buildings and structures.

Alan Graham:

Our relationship with JPMorgan Chase has been extraordinary. It’s a win-win situation that fits entirely into our vision statement of empowering communities into a lifestyle of service with the homeless.

On screen:

A community member smiles, and another gives two thumbs up. He pats back of the man beside him. Melissa and Alan ride through the village on a golf cart, honking at and greeting neighbors.

Alan Graham (NAT):

Hey guys!

Neighbors (NAT):

How’re you?
Alan Graham (NAT):

Doing great!

Melissa Pillars:

We know that this organization is gonna continue to chip away at this problem and figure out how they can continue to do more. And we want to be with them every step of the way.

On screen:

They ride past homes as a resident waters a flower bush and a windmill spins in a breeze. Construction workers build a new house.

Alan Graham:

It's a phenomenal place. This is our home.

On screen:

Alan smiles in front of his truck, and the video closes with logos over white:

Logos:

'J.P.Morgan. Chase.'

Side note:

Legal disclosures appear beside a house icon with an equals symbol inside:

Text on screen:

'Equal Housing Lender.'

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).

We prepared these materials for discussion purposes only and for your sole and exclusive benefit. This information is confidential and proprietary to our firm and may only be used by you to evaluate the products and services described here. You may not copy, publish, disclose or use this information for any other purpose unless you receive our express authorization.

These materials do not represent an offer or commitment to provide any product or service. 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. Our opinions, analyses and estimates included here reflect prevailing conditions and our views as of this date. These factors could change, and you should consider this information to be indicative, preliminary and for illustrative purposes only. This Information is provided as general market and/or economic commentary. It in no way constitutes research and should not be treated as such. 

The information 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 JPMorgan 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.

The information does not include all applicable terms or issues and is not intended as an offer or solicitation for the purchase or sale of 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. 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.

JPMorgan Chase Bank, N.A. Member FDIC. Copyright 2024 JPMorgan Chase & Co. All rights reserved.

END

On screen:

A young woman in a red t-shirt speaks from a bright space with red accent walls.

Woman:
I, like, hated, like, you know, interviews. I got pretty nervous. They made me become a better person. They helped me with, like, education, what to look for in colleges, and what to look for in jobs and stuff.

Side note:

Sentimental music plays.

On screen:

The woman wears a lab coat as she instructs younger girls at a long worktable. Then she poses with two others in red t-shirts. A montage shows school-aged girls playing at a park, building with magnetic tiles, controlling robotic cars, and doing chemistry experiments.

Next, a woman with red glasses speaks to us.

Text on screen:

Lea Rosenauer, President & CEO, Girls Inc. of San Antonio.

Lea Rosenauer:
It is my mission in life to let every girl know that she is strong, smart, and bold. It’s a passion and a job of a lifetime to be able to inspire girls to see beyond their backyard, to dream anything that they want to become, what they want to do, and we get to incubate all of those ideas and dreams at Girls Inc.

On screen:

The girls wear safety gloves as they add components to test tubes. More girls smile as they build with tiles and do other hands-on projects. Facilitators watch them read instructions and show them different bug specimens in enamel. A facilitator and a girl share a warm hug.

Lea Rosenauer:
We want to be in these girls' lives that we can model positive adult role model relationships with an adult that believes in them.

On screen:

An aerial view shows a large corner lot on a tree-lined neighborhood street.

Lea Rosenauer:
We knew in our community that we needed to expand and grow and amplify and scale this amazing opportunity. Girls Inc of San Antonio will be 20 years old in 2024. And we've never had a center.

On screen:

A digital rendering shows a long, modern 'Girls Inc.' building with red accents. A different angle shows its sprawling workspace.

Lea Rosenauer:
So what started as a $6 million campaign is now 8.5. And that’s kind of where New Market Tax Credits came to help close that gap.

On screen:

In Lea's office, an advisor in a navy blouse flips through a binder and talks with Lea.

Lea Rosenauer:
The team that helped us, they gave us great advice, they prepared me to advise the board of directors to vote to move forward.

On screen:

The advisor, a woman with long hair and brown eyes, speaks to us.

Text on screen:

'En Jung Kim, New Markets Tax Credit, JPMorgan Chase.'

En Jung Kim:
I fell in love with the mission of Girls Inc. As a small nonprofit organization, they’re really doing a ton of amazing work with minimal resources.

On screen:

In hard hats and reflective vests, Lea and En Jung visit the work site of the new building. They walk up stairs and check out the various spaces.

En Jung Kim:
And the fact that we could support their permanent home, their new home with their New Market Tax Credit financing was a really exciting opportunity for JPMorgan Chase.

Side note:

Mellow country music plays.

On screen:

The finished building features an airy courtyard. A red sign above an accessible modern entryway is flanked by intricate carved screens and reads: 'Girls Inc. of San Antonio.' A photo shows the board at a ribbon cutting event and the staff members waving in red t-shirts.

Next, a woman with dark hair speaks to us:

Text on screen:

'Janelle Alvarado, Program Facilitator, Girls Inc. of San Antonio.'

Janelle Alvarado:
I've seen such a big, huge change in our girls.

On screen:

Janelle works with girls in white lab coats. More girls wave, and do biology, robotics, and chemistry.

Janelle Alvarado:
It's not about the quantity; it’s about the quality of these girls. And we’re seeing it, like they’re ready to get into STEM, they’re ready to get into their leadership roles. But now that we have a place to call our home, I believe that it’s going to be so strong, and we have stability now.

On screen:

Girls work around tables in the spacious new building. A group excavates fossils from bits of clay and rock.

Janelle Alvarado:
We saw the need and we brought it to them.

On screen:

In the new building, children wear Girls Inc backpacks, and a door features a mural with app logos and ticker tape. A media room features a big screen TV, and another room has U-shaped bar-style seating.

Lea Rosenauer:
We have big dreams. And so, we want to make this the best space possible and then we want to grow.

On screen:

A room has the periodic table on the wall, while another features vented cooking stations. A lounge area has inspirational murals and mixed seating.

Lea Rosenauer:
Talent may be universal, but access and opportunity are not. And many, many girls have never been told they can be successful.

On screen:

A facilitator smiles with five Girls Inc. participants in front of a colorful mural of confident, diverse girls. One of the girls does a yoga pose.

Lea Rosenauer:
Being able to do that every day and to show girls that they are powerful... is an opportunity of a lifetime.

On screen:

Lea breaks into a wide smile and giggles.

Text on screen:

Girls Inc. of San Antonio. Inspiring all girls to be strong, smart, and bold.

Logos:

- J.P. Morgan;
 - Chase;
 - (and) the Chase octagon symbol.

Side note:

Legal disclosures:

Text on screen:

Equal Housing Lender.

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).

We prepared these materials for discussion purposes only and for your sole and exclusive benefit. This information is confidential and proprietary to our firm and may only be used by you to evaluate the products and services described here. You may not copy, publish, disclose or use this information for any other purpose unless you receive our express authorization.

These materials do not represent an offer or commitment to provide any product or service. 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. Our opinions, analyses and estimates included here reflect prevailing conditions and our views as of this date. These factors could change, and you should consider this information to be indicative, preliminary and for illustrative purposes only. This Information is provided as general market and/or economic commentary. It in no way constitutes research and should not be treated as such.

The information 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 JPMorgan 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.

The information does not include all applicable terms or issues and is not intended as an offer or solicitation for the purchase or sale of 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. 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.

 JPMorgan Chase Bank, N.A. Member FDIC. Copyright 2024 JPMorgan Chase & Co. All rights reserved.

END

Side note:

Rock music plays.

On screen:

Workers wearing protective gear, melt iron in a blazing cupola furnace. The fire audibly crackles as they work.

Text on screen:
Lodge Cast Iron.

On screen:

A man with dark hair and light eyes, Mike Otterman.

Text on screen:
Mike Otterman, CEO and President, Lodge Cast Iron.

Mike Otterman:

Lodge is pretty unique. We're a 127-year-old company that's based in a town of about 3,500.

On screen:

A montage shows aerial views of a small city nestled in a rolling mountainous landscape, a large yellow building with a sign reading " Lodge Factory Store," and The Lodge Museum of Cast Iron's exhibit about company's founder Joseph Lodge (with a life-sized wax statue of him). Then, a bearded man with short brown hair, Peter Laskowski.

Text on screen:
Peter Laskowski, VP of Finance, Lodge Cast Iron.

Peter Laskowski:

Going all the way back to the founder Joseph Lodge, through his ownership of the company that's now passed to fourth, fifth, and sixth generations of his descendants, they're very committed to always staying here in the town of South Pittsburg.

On screen:

The Lodge Museum displays an antique bucket-shaped container to pour molten metals, an assortment of cast iron pots and pans, and a sign reading: "Lodge - Cast Iron Since 1896. South Pittsburg, Tennessee." Now, a man with gray hair and glasses, Henry Lodge.

Text on screen:
Henry Lodge, Chairman and Former CEO, Lodge Cast Iron.

Henry Lodge:

It’s also a gorgeous place: mountains, the rivers. People are friendly. People want people to succeed. We want to help people succeed and it's just a great community.

On screen:

A man walks into the Lodge 3rd Street Foundry and Employment Center. People shop for Lodge Cast Iron products inside the factory store. Large cast iron sculptures of smiling robots, using cookware, stand outside the Lodge Factory Store. Inside the Lodge foundry, a worker shovels white-hot semi-molten iron into a large metal vessel. Then, a woman with black hair and brown eyes, Stefanie Mansueto.

Text on screen:
Stefanie Mansueto, Market Executive, JPMorgan Chase.

Stefanie Mansueto:

During 2020, a lot of companies saw a spike in demand due to changes in consumer behavior as a result of COVID and Lodge was no exception to that. They needed and wanted to look for an additional partner who could come in and grow with them and give them access to capital and additional partnerships that they were looking for.

On screen:

Ms. Mansueto tours the Lodge Foundry, looking at a giant disc-shaped magnet, lifting scrap metal, a flaming industrial furnace, and molten metal being poured. Then, Mr. Laskowski speaks as a montage shows foundry warehouse workers inspecting newly-cast skillets and pans hanging from an aerial conveyor belt and packing the cookware in boxes to be placed on a large pallet.

Peter Laskowski:

Our challenge was very much how do we continue to expand our manufacturing footprint? And at the same time, we had some other plans on the horizon to really create an anchor here in the town of South Pittsburg.

On screen:

A bearded man with dark hair and glasses, James Simmons.

Text on screen:
James Simmons, New Markets Tax Credit Executive, JPMorgan Chase.

James Simmons:

We ended up partnering with community development entities to bring gap filling financing to help complete their project.

Side note:

Acoustic guitar music plays.

On screen:

A montage of South Pittsburg shows an aerial view of the city and surrounding neighborhood, the small local Princess Theater, the city's seal on an outdoor flag, and Ms. Mansueto and Mr. Simmons walking with a representative from Lodge.

James Simmons:

The New Markets Tax Credit Program is a federal program that's designed to help encourage investment, particularly in low-income or disinvested communities. The partnership with Lodge really allowed us to support their continued investment in South Pittsburgh more generally, and specifically in their new foundry project.

On screen:

Ms. Mansueto tours the Lodge Museum of Cast Iron, which displays antique blueprints, a model of the original foundry, and the world’s largest cast iron skillet, at 18 feet, weighing over 14,000 pounds.

Mike Otterman:

As we've grown up, we've needed folks to help lead the way for us. And we took a very small-town approach to everything that we did. The connection that we had with J.P. Morgan was different.

On screen:

Mr. Otterman speaks and laughs with Ms. Mansueto and Mr. Simmons at the Lodge Museum.

Mike Otterman:

It's great to see a company of that size, with their resources and the employee base, that can still have a local and authentic approach to community and to a family-run business like ours.

On screen:

Ms. Mansueto and Mr. Laskowski stand in front of a wall-sized display of cast iron cookware. Men and women work in the spacious Lodge Cast Iron warehouse.

Peter Laskowski:

Lodge was just over about 300 employees making up the company. And you fast forward to today we're over 500 and if you fast forward as we continue to work through these investments, you know, we do anticipate in the next few years being over 700 employees.

On screen:

A montage shows foundry workers operating large industrial machines, wearing heat and flame resistant protective clothing as they work near the furnace, and inspecting recently-cast skillets.

Stefanie Mansueto:

Anytime a company is looking to use capital to benefit not only their customers and increase production from a demand perspective, but to better the lives of their employees and add additional jobs. We want to help in any way that we possibly can.

On screen:

In the warehouse, workers transport boxes of cast iron skillets using a pallet stacker truck. On the outskirts of South Pittsburg a huge yellow sign reads: "Welcome to Cast Iron's Hometown."

Mike Otterman:

From a town perspective, there is such tremendous pride in where Lodge has come from and where it sits today. And so I think we've done it the way that the family wanted to do it, that the community is proud of and we'll continue to prioritize that as we go forward.

On screen:

A montage shows scenes from South Pittsburg, including the clock tower in the town center, the Lodge Foundry and Employment Center, and folks gathering for the annual National Cornbread Festival

Peter Laskowski:

It's about how we take care of the community and how we can continue to help the community thrive.

On screen:

At the Lodge-sponsored National Cornbread festival, a prize-winner holds a large cardboard check of 1,500 dollars from Lodge Cast Iron.

Henry Lodge:

What's good for South Pittsburgh is good for Lodge.

On screen:

A montage shows smiling Lodge employees. Film clips show local restaurant owners cooking meals using Lodge Cast Iron pans.

Mike Otterman:

They're big fans of what we do here at Lodge, we're big fans of this community. I think it makes South Pittsburgh a stronger economic community and a better place to live and invest in.

On screen:

A wall-sized outdoor mural reads: "Welcome to South Pittsburg Tennessee - Home of the National Cornbread Festival."

Logos:

The J.P. Morgan logo and the Chase logo with the blue octagon symbol.

Side note:

Legal disclosures appear.

Text on screen:

Equal Housing Opportunity.

Chase, J.P. Morgan, JPMorgan, JPMorgan Chase, and Story by J.P. Morgan 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).

The material contained in this video is intended as general market commentary and does not constitute legal, tax, investment, accounting, financial, business, real estate, or any other advice, and should not be relied upon as such. The views, opinions, estimates, and strategies expressed in this video are those of JPMC , or other featured speakers, and may differ from those of Commercial Banking or other JPMC employees and affiliates. This video in no way constitutes an offer or commitment to provide a particular product or service. Products and services offered by JPMC and its affiliates 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. Credit is subject to approval. Rates and programs are subject to change; certain restrictions apply.

This content does not constitute J.P. Morgan Research and should not be treated as such. Any views expressed are often based on current market conditions and are subject to change without notice. Any statistics referenced have been obtained from external sources deemed to be reliable but we do not guarantee their accuracy or completeness. In no event shall JPMorgan Chase nor any of its directors, officers, employees, or agents be liable for use of, for any decisions made or actions taken in reliance upon, or for any inaccuracies or errors in or omissions from, the information in this video. "JPMorgan," "JPMorgan Chase," the JPMorgan Chase logo, "Story" and "Story by J.P. Morgan" are trademarks of JPMorgan Chase Bank, N.A.

Side note:

Birds chirping. Euphoric music plays.

Text on screen:

In 2024, the Regional Homelessness Authority's Point-in-Time Count reported that over 16,000 people were unsheltered on any given day in King County. The largest number ever reported.

On screen:

Now, a succession of announcers speak to us over a montage showing numerous homeless encampments in Seattle:
 - under bridges;
 - in vacant lots;
 - in parks;
 - and on city streets.

Vince Toye:

Seattle is like most cities in the United States; there's just a complete shortage of affordable housing.

Nicole Macri:

Now for people who are homeless, who have significant challenges in their lives, not only do they need housing, but they need support.

Timothy Jolliff:

These are our people, and we need to have more of a sense of ownership. We have a duty to do better by them.

Side note:

Upbeat music plays.

On screen:

An aerial view shows the Hobson Place DESC building, about the size of a city block, in a residential neighborhood. Then, a woman with shoulder-length brown hair and glasses speaks to us from an office.

Text on screen:

Nicole Macri, Deputy Director for Strategy, DESC.

Nicole Macri:

The Downtown Emergency Service Center (or DESC) exists to help people be able to achieve their highest level of health and wellbeing. Hobson Place is the culmination of dreaming about bringing all the pieces that people need, all in one place.

On screen:

A montage shows different areas of the DESC building, including:
 - a large outside sign reading "Hobson Place";
 - a window-sized mural of a hummingbird;
 - an outdoor plaza with seats and small trees;
 - and the inside of a health center with a large sign reading: "The Clinic at Hobson Place."

A bald man wearing a gray blazer speaks to us from an office.

Text on screen:

Vince Toye, Head of Community Development Banking, JPMorgan Chase.

Vince Toye:

For Hobson Place, JPMorgan Chase provided the construction financing, purchased the low-income housing tax credits, and purchased the New Market Tax Credits. All three of these together allow the affordable housing and the clinic to be built as one project together.

On screen:

A montage shows:
 - the DESC building, under construction;
 - a small bedroom inside an apartment;
 - the Clinic at Hobson Place's Premera Blue Cross Waiting Area;
 - and a woman wearing a tool belt and a shirt with the words "Housing is a Human Right."

Nicole Macri:

The ability to build this resource would not have been possible without the partnership of JPMorgan Chase.

On screen:

Ms. Macri and Mr. Toye:
 - stand outside the Clinic at Hobson Place;
 - and meet with a manager of the Harborview Medical Center.

Nicole Macri:

And we see the results today of the tremendous care that we could provide to people in our community.

On screen:

A smiling woman with short hair and wearing a gray sweater stands outside the modern Hobson Place DESC. Then, that woman speaks to us from an office building.

Text on screen:

Stephanie, Resident, Hobson Place.

Stephanie:

Before moving to Hobson Place, I was homeless, I lived at the shelter. Prior to that, I was homeless on the streets. I like the idea that we have a clinic, to know that we have doctors and nurses on hand for us if we need them at any given time.

On screen:

A montage shows Stephanie at an outdoor plaza, speaking with a manager of the Harborview Medical Center. Then that manager, a woman with blonde hair, green eyes (and wearing a shirt marked "UW Medicine") speaks to us from an office.

Text on screen:

Cricket McCleary, Clinic Manager, Harborview Medical Center.

Cricket McCleary:

This is Harborview's first venture, embedding a primary care clinic within a permanent supportive housing site and I think it's really a new model.

On screen:

Ms. Macri and Mr. Toye speak with one another as they walk through a hallway at the Clinic at Hobson Place. Then a bearded man wearing a polo shirt speaks to us from an office.

Text on screen:

Timothy Jolliff, Director of Outpatient Behavioral Health, DESC.

Timothy Jolliff:

We are really trying to strive to meet people where they're at in any given point in their recovery and also providing an array of wraparound intensive services.

On screen:

A man with short brown hair and a white dress shirt speaks to us from an office.

Text on screen:

Drew Duplantis, Hobson Clinic Manager, DESC.

Drew Duplantis:

Mental health case management services, intensive case management, substance use disorder counselors, employment specialists, and peers.

On screen:

A montage shows case managers working with community members, one-on-one in consult rooms, and in groups at spacious DESC offices.

Cricket McCleary:

It's really magical to see these teams collaborating to care for these folks.

On screen:

Mr. Toye speaks from his office:

Vince Toye:

They do the work that's hard. It's a labor of love. I'm fortunate to work for a place like JPMorgan Chase who sees that as part of our mission.

On screen:

Mr. Toye, Ms. Macri and Ms. McCleary smile, standing in an outdoor plaza.

Drew Duplantis:

I think that we're on the right path to changing the way we administer community mental health. I hope that DESC is able to replicate this model on a larger scale.

Side note:

Hopeful music plays.

On screen:

A montage shows the Hobson Place DESC building with the Seattle skyline in the distance.

Nicole Macri:

My vision for the future is everyone has access to home. What people need they're able to get, to live the life that they want.

On screen:

In her comfortable apartment, Stephanie stirs a pan in her kitchen. She pets her little brown short-haired dog. Then, Stephanie speaks from an office:

Stephanie:

I have good thoughts about my future. Permanent housing to me means I don't have to move anymore. I have three grandchildren and I have a beautiful daughter, and I am looking forward to seeing them on a regular basis.

On screen:

Stephanie stands outside her apartment, smiling widely.

Logos:
 - J.P. Morgan;
 - Chase;
 - the Chase octagon symbol;
 - (and) Equal Housing Lender.

Side note:

Legal disclosures:

Text on screen:

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).

We prepared these materials for discussion purposes only and for your sole and exclusive benefit. This information is confidential and proprietary to our firm and may only be used by you to evaluate the products and services described here. You may not copy, publish, disclose or use this information for any other purpose unless you receive our express authorization.

These materials do not represent an offer or commitment to provide any product or service. 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. Our opinions, analyses and estimates included here reflect prevailing conditions and our views as of this date. These factors could change, and you should consider this information to be indicative, preliminary and for illustrative purposes only. This Information is provided as general market and/or economic commentary. It in no way constitutes research and should not be treated as such.

The information 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 JPMorgan 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.

The information does not include all applicable terms or issues and is not intended as an offer or solicitation for the purchase or sale of 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. 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.

JPMorgan Chase Bank, N.A. Member FDIC. Copyright 2024 JPMorgan Chase & Co. All rights reserved.

END

Side note:

Soft music plays.

On screen:

This video opens with an aerial view of a city block with modern apartment buildings and stores. Then, an older woman with short silver hair and brown eyes speaks to us from an office.

Text on screen:

Arabella Martinez, Co-founder, The Unity Council.

Arabella Martinex:

If you can see the invisible, you can do the impossible. And when I think about the Transit Village, that's what I think.

On screen:

A montage shows a rapid transit train passing along a bridge over Fruitvale Village, a vibrant town center with plazas, palm trees, and mosaic murals.

Arabella Martinex:

Everybody used to tell us, “This is impossible. How can you do this? You can't do this.” We kept saying, “No, no, we're going to do it.”

Text on screen:

Fruitvale Transit Village. Seeing the invisible for Oakland, California.

Logos:
- J.P. Morgan;
 - Chase;
 - and the Chase octagon symbol.

On screen:

A man with salt-and-pepper hair and brown eyes speaks to us from an office.

Text on screen:

Chris Iglesias, CEO, the Unity Council.

Chris Iglesias:

The Unity Council started back in the 1960s during the Civil Rights Movement, advocating for basic needs with the city.

On screen:

Film footage from the mid-twentieth century shows:
  - civil rights protesters, some carrying signs;
 - a vacant lot;
 - (and) neighbors in an economically disadvantaged community.

Then, a silver-haired man with a beard speaks to us from an office.

Text on screen:

Jim Mather, Executive Vice President & Chief Investment Officer, BRIDGE Housing.

Jim Mather:

It was formed really in response to the long-term disinvestment. They were very visionary in seeing what it would take to revitalize the Fruitvale neighborhood.

On screen:

A woman with brown hair and brown eyes speaks to us from an office.

Text on screen:

Cécile Chalifour, Managing Director Community Development Real Estate, JPMorgan Chase.

Cécile Chalifour:

They were created by the community, for the community, and literally everything they did and have done is related to them.

On screen:

A montage shows Mr. Iglesias speaking with three colleagues in a small conference room.

Cécile Chalifour:

The cost of housing is particularly high here. The Bay Area is almost like the epicenter of a crisis we see nationwide.

On screen:

An aerial view shows the city of Oakland with miles of surrounding neighborhoods. Then, Mr. Iglesias speaks to us:

Chris Iglesias:

For a long time there, was always kind of a mystery about who lives in affordable housing and what does it mean and why is it so important. Well, the pandemic showed why it's so important: we need to have our essential workers close to the Bay.

On screen:

A montage shows:
 - apartments in the Fruitvale area.
 - healthcare workers, educators, and laboratory technicians.

Chris Iglesias:

And that's what affordable housing is: it's housing for essential workers that are vital parts of the community, next to transportation, close to schools. And that's exactly what you have here with Casa Sueños.

On screen:

At a plaza, in Fruitvale, a brightly colored directory stands near a small business. Mr. Iglesias speaks with Mr. Mathers and Ms. Chalifour outside a building with a sign reading "Casa Sueños."

Chris Iglesias:

We are part of a TOD (a Transit-Oriented Development), one of the most famous ones in the country, the Fruitvale Transit Village.

On screen:

A sign on a restaurant reads "Wahpepah's Kitchen." Then, a woman with pulled-back black hair speaks to us from an office.

Text on screen:

Chef Crystal Wahpepah, Owner, Wahpepah's Kitchen.

Crystal Wahpepah:

It's a huge honoring being in the Fruitvale area and especially when you're born and raised and you care so much about this community, sometimes you have to dig deep and look under the layers, but you'll find nothing but beauty. So that's why Wahpepah’s Kitchen is right here in the heart of Fruitvale.

On screen:

A montage shows Chef Wahpepah:
 - slicing vegetables in her kitchen;
 - and standing next to murals of Native American art in her restaurant.

A montage shows Fruitvale's colorful multi-cultural themed murals, which include portraits and a hummingbird. Neighbors shop at an outdoor farmer's market.

Chris Iglesias:

The Village is really, I think, a hub for, also for community engagement and community resources. The exciting thing is that we have owned, in partnership with the City of Oakland, an abandoned Masonic Temple for 20 years.

On screen:

A montage shows a spacious hall (with high ceilings and large columns) undergoing renovation.

Chris Iglesias:

We finally turned it into a New Market Tax Credit deal in partnership with JPMorgan Chase.

On screen:

Wearing hardhats, Mr. Iglesias walks through the renovation site with a JPMorgan Chase executive. Then, that man speaks to us.

Text on screen:

Jalen Marable, Vice President, New Markets Tax Credit, JPMorgan Chase.

Jalen Marable:

New Market Tax Credits are a federal tax incentive that was created to stimulate private investment in distressed communities. And so on the ground floor, you're going to have the Fruitvale Public Market, which is a small business incubator that has 8 to 10 small businesses. And then on floors two and three, you're going to have a combination of coworking space for small businesses, entrepreneurs – a lot of which are minorities – and then also you'll have their small business assistance center, which will provide technical assistance.

On screen:

Walking through the Masonic Temple building, under renovation, Mr. Iglesias and Mr. Marable:
 - walk through a hallway;
 - stand on an inside balcony, overlooking a hall;
 - (and) inspect a large room with a hardwood floor.

Jalen Marable:

With New Market Tax Credits, we like to provide catalytic impact that's going to stimulate other investments. And so right down the street you have Casa Sueños, which was funded by JPMorgan Chase as well, using low-income housing tax credits. So it was a great story to bring everything full circle.

Side note:

Encouraging music with vocals plays.

On screen:

Aerial views of the Fruitvale area show:
 - rapid transit train tracks on a long bridge running parallel to shops and apartments;
 - a housing complex with a sunny outdoor plaza;
 - and a residential street lined with large palm trees.

Jim Mather:

Bridge is happy to add its financial and technical expertise and capacity to groups like Unity Council. Every project we build, like Casa Sueños, every unit we provide helps a family, helps a disabled person, helps a homeless person.

On screen:

Framed family photos are displayed on a long shelf in an apartment. An elderly mom and her grown daughters sit at a living room table, looking at newspaper articles.

Jalen Marable:

It's going to give small businesses, entrepreneurs, and just general community members access and a place to convene and to call home, display their art, come together, and celebrate.

On screen:

A montage shows Mr. Marable at the renovation site:
 - shaking hands with a construction worker:
 - and touring different rooms with Mr. Iglesia.

Arabella Martinex:

We just kept at it. This has not been a short-term project. It's not the bricks and mortar that's so important; it's the values, it's the maintenance of the values.

Text on screen:

Fruitvale Transit Village. Seeing the invisible for Oakland, California.

Logos:
- J.P. Morgan;
 - Chase;
 - and the Chase octagon symbol.

Text on screen:

Learn more at unitycouncil.org.

Logos:
The Unity Council. 60 Years. 1964 - 2024. 60th Anniversary.

Equal Housing Lender.

Side note:

Legal disclosures:

Text on screen:

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).

We prepared these materials for discussion purposes only and for your sole and exclusive benefit. This information is confidential and proprietary to our firm and may only be used by you to evaluate the products and services described here. You may not copy, publish, disclose or use this information for any other purpose unless you receive our express authorization.

These materials do not represent an offer or commitment to provide any product or service. 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. Our opinions, analyses and estimates included here reflect prevailing conditions and our views as of this date. These factors could change, and you should consider this information to be indicative, preliminary and for illustrative purposes only. This Information is provided as general market and/or economic commentary. It in no way constitutes research and should not be treated as such. 

The information 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 JPMorgan 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.

The information does not include all applicable terms or issues and is not intended as an offer or solicitation for the purchase or sale of 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. 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.

JPMorgan Chase Bank, N.A. Member FDIC.

Copyright 2024 JPMorgan Chase & Co. All rights reserved.

END