JPMorgan Chase Commits $5 Million to Increase Access to Affordable Housing in Central Florida
Orange County Mayor Teresa Jacobs joined community leaders to celebrate JPMorgan Chase’s announcement that it has awarded a total of $5 million to the Florida Community Loan Fund and New Jersey Community Capital to increase affordable housing in Central Florida.
The announcement of this three-year investment took place at the First Presbyterian Church in Orlando on Oct. 5. Together, two community developers will use funds to create affordable housing for hundreds of residents by:
- Providing capital for innovate affordable housing models, including the development of multi-family rental apartment complexes using repurposed shipping containers.
- Bulk purchasing real estate owned (REO) properties and rehabilitating them for affordable rental housing.
- Financing the acquisition and renovation of existing multi-family properties to preserve long-term affordability.
“Central Florida has one of the nation’s highest rates of cost-burdened renters and the greatest shortage of affordable housing,” said Mel Martinez, Chairman of the Southeast for JPMorgan Chase and former Mayor of Orange County Government. “We’re investing in this region because we see local leaders and organizations working together to come up with innovative ways to solve this problem.”
Due to the lack of affordable rental units and other barriers, one in 50 families in Central Florida – including one in 17 children – experience homelessness each year, according to a 2015 report by Barbara Poppe and the Central Florida Commission on Homelessness. Many of these families end up living in hotels or motels, doubling up with other families, or in homeless shelters.
“To effectively address Central Florida’s inadequate supply of affordable housing, the solutions must be implemented at the regional level. We must continue to work together as a collaborative marketplace,” said Orange County Mayor Teresa Jacobs. “We are thrilled to once again receive the generous support of JPMorgan Chase. Thanks to their commitment, vision and leadership, together we are making Orange County one of the best places to live, work and raise a family.”
From new strategies to current best practices, Orange County Government under the leadership of Mayor Jacobs, is committed to creating a variety of housing options that will foster a more inclusive housing market. To that end, Mayor Jacobs has allocated $5 million of local INVEST funds to be leveraged with other public and private resources in order to create new affordable units for low and very low income households.
Mayor Jacobs’ INVEST initiative, announced in 2015, is one of the largest infrastructure programs in Orange County’s history. Known as INVEST in Our Home for Life, the $300 million investment program provides for affordable housing, public safety, infrastructure, parks, pedestrian safety, road construction and transportation improvements.
Mayor Jacobs is leading a series of Affordable Housing Workshops, which is a direct result of Orange County’s Regional Affordable Housing Summit, which took place in October 2016. During the Summit, planners, developers, local government leaders and citizens explored strategies, tools and best practices that are being implemented throughout Florida and across the country. The next affordable housing workshop is scheduled on Thursday, Oct. 18, 2017 at the Osceola County Commission Chambers and will highlight creative new affordable housing types and strategies that are used throughout the state.