DETROIT (AP) — Financial giant JPMorgan Chase says it’s making new investments as part of its earlier $100 million commitment to Detroit’s economic recovery.
The banking company said Wednesday’s initiatives include $4 million for preserving affordable housing in neighborhoods through the nonprofit Develop Detroit; $1.5 million to strengthen job training and summer youth employment; and other efforts to support small business growth.
Develop Detroit will work to preserve existing affordable homes and build new, inclusive mixed-use housing projects, including initial investments in more than 400 housing units.
JPMorgan Chase also says it’s marking the second anniversary of its Detroit investment by sponsoring Detroit Startup Week, a week of free activities to support area entrepreneurs. And more top managers plan to visit the city in June and October to help nonprofits.