JPMorgan Chase, which is among the largest low-income housing tax credit (LIHTC) and New Markets Tax Credit (NMTC) investors in the country, is broadening its community development business with the creation of its Community Development Banking Capital Solutions Group.
The group, which was established in October 2021 and is led by Lionel Lynch, has one goal: to provide debt to help fund new types of affordable, workforce and mixed-income housing as well as community development projects.
“We will provide debt for a range of projects that are not eligible for the LIHTC, those that are 80% plus of the area median income,” said Lionel Lynch, director of Community Development Banking Capital Solutions at JPMorgan Chase. “We want to build a platform to fill the significant gap between LIHTC and market-rate housing.”
Lynch looks forward to seeing the impact this group will have across the country.
“I am most looking forward to seeing housing being built, seeing communities be able to have diverse economic composition, and bringing housing to a range of people through this initiative,” said Lynch.
“The biggest challenge is the biggest opportunity: It’s exciting to start something new and to be in front of the industry, to enable different parties to understand we can do these projects if we adjust the way we think and the way we underwrite. We are here to do more and to empower folks to do the same.”
Adapted with permission from “JPMorgan Chase’s New Endeavor, Led by Lionel Lynch, Will Help Finance Affordable Housing, Community Development” Mark O’Meara, Novogradac Journal of Tax Credits, March 2022
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