TEXAS BORDER BUSINESS
MCALLEN, TX (January 23, 2014)—The JPMorgan Chase Foundation (NYSE: JPM) announced a $6 million grant to NALCAB—National Association for Latino Community Asset Builders—for a multi-market pilot project focused on job creation, affordable housing, and small business lending in predominantly Latino communities. NALCAB will lead the three-year initiative as the lead applicant and convener for the project. Affordable Homes of South Texas, Inc (AHSTI), along with two other nonprofit lenders, are partnering with NALCAB to work in five states:
- Texas—Affordable Homes of South Texas, Inc. (AHSTI)
- Arizona, New Mexico and Nevada—Chicanos Por La Causa (CPLC)
- Colorado—Community Resources and Housing Development Corporation (CRHDC)
In its first year, the initiative will have an immediate impact on low and moderate-income Latino communities still recovering from the recession. The nonprofit lenders will finance affordable housing and small businesses. In subsequent years, the Collaborative will continue to leverage and expand their capital for lending and establish an equity fund.
This project builds on NALCAB’s successful track record in connection with two major national initiatives, the NSP2 (Neighborhood Stabilization Program 2) National Consortium and Inversiones: A Small Business Investment Initiative, which has been recognized by the Clinton Global Initiative (CGI) as a Commitment to America. Under NSP2, a consortium of nonprofit affordable housing providers, including AHSTI, CPLC, and CRHDC, was awarded $137 million in federal funding to stabilize housing in neighborhoods hit by the foreclosure crisis. The consortium has produced more than 1,600 housing units and created 2,300 jobs. CGI/Inversiones is utilizing NALCAB’s national network of nonprofits to leverage $70 million to create 4,000 jobs by supporting the start up or expansion of 1,500 small businesses in predominantly Latino communities.
Demand for our services has continued to increase,” says Robert Calvillo, AHSTI Executive Director. “This grant from JPMorgan Chase and our work as a CDFI will enable us to not only meet that demand but expand our impact as well.”
“JPMorgan Chase views community development financial institutions as critical change-agents in underserved communities,” said Morris Camp, President of Chase in San Antonio. “Our $33 million commitment – made through our new CDFI Collaborative program – will help our partners serve more people in need, as well as catalyze investment in low- and middle-income communities across Texas and the US.”
AHSTI, CPLC and CRHDC, all members of the NALCAB network, are high-capacity anchor institutions in their communities that provide culturally and linguistically relevant services. They are certified by the U.S. Department of the Treasury as Community Development Financial Institutions (CDFI), nonprofit financial institutions that serve low-income communities. The CDFI designation provides opportunities for these organizations to access technical and financial support.
About AHSTI: Affordable Homes of South Texas, Inc. is a local non-profit organization that provides homeownership opportunities and education for working low & moderate income families. Nationally recognized, AHSTI provides a range of non-profit housing solutions. AHSTI takes on the role of land developers, general contractors, a full-service mortgage company and a full-service real estate agency. In addition, AHSTI is a certified HUD Counseling Agency and provides a HUD approved home buyer education program to the public. For additional information, visit www.ahsti.org.
About NALCAB: NALCAB—National Association for Latino Community Asset Builders is a 501(c)3 nonprofit organization and represents and serves a geographically and ethnically diverse group of nonprofit community and economic development organizations that are anchor institutions in our nation’s Latino communities. They are affordable housing developers, micro-lenders, economic development corporations and consumer counseling agencies. Our membership includes over 100 organizations working in 32 states and the District of Columbia. Our members are experts in implementing responsible, market-based strategies that create jobs, develop neighborhood assets and build family wealth. For additional information, visit NALCAB’s press room or go to www.nalcab.org.
About the JPMorgan Chase Foundation: The JPMorgan Chase Foundation is the charitable arm of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Foundation focuses on driving economic growth and strengthening communities across the globe, by partnering with local efforts to advance skills-based training, help small businesses, create affordable housing and improve financial capability for underserved people. The Firm and its foundation give approximately $200 million annually to nonprofit organizations around the world and lead volunteer service activities for employees in local communities, utilizing its many resources, including access to capital, strength, global reach and expertise. More information is available at www.jpmorganchase.com
All rights reserved.
