DETROIT--(BUSINESS WIRE)--The JPMorgan Chase Foundation is making a $1 million grant to help about 70 police officers and city employees move back to Detroit over the next two years
“Chase will strengthen Detroit’s solid neighborhoods by encouraging more police officers and city employees to return to the city and helping them qualify for mortgages,” said Sarah McClelland, president of Chase in Michigan. “We all benefit when committed citizens move into vacant homes and revitalize neighborhoods.”
City workers will receive money for a down payment on homes in two Detroit Works demonstration neighborhoods, and police also can qualify for assistance to purchase homes in Project 14 neighborhoods.
With Chase funding, the program will provide the following down payment assistance:
- $25,000 for the first 10 Detroit police officers who qualify for a home purchase of a vacant home.
- Up to $15,000 to help an additional 60 Detroit police officers and city employees purchase a vacant home. The grant can be up to 20 percent of the home’s purchase price.
“Chase’s down payment assistance is an example of one of the many positive opportunities supported through the Detroit Works Project,” said Mayor Dave Bing.
Twenty percent of the assistance will be forgiven each year the buyer is in the home; the entire grant will be forgiven after five years.
“Chase has designed the program to attract police officers and city workers and ultimately draw other new residents to Detroit,” said Kim Davis, president of the JPMorgan Chase Foundation. “This project is an excellent example of Chase’s commitment to building vibrant communities.”
Down payment assistance will be offered to qualified buyers purchasing homes in these Detroit Works neighborhoods:
- North End/Boston Edison/Virginia Park
- Southwest/Hubbard Farms
Police officers who qualify for the $25,000 in assistance may purchase homes in any of the Detroit Works neighborhoods, including Palmer Woods, Sherwood Forest or the University District and in Project 14 neighborhoods: East English Village, North Rosedale or Green Acres.
All buyers must:
- Meet income limits of no more than 120-150% of area median income
- Be qualified to purchase a home -- and complete homeownership counseling -- through a partner neighborhood Community Development Corporation
- Select a vacant home in the targeted neighborhoods
- Secure a mortgage
Enterprise Detroit will work with neighborhood community development corporations to distribute assistance funds to qualified buyers. Police officers and city workers can learn more about the down payment assistance grants by calling (313) 886-2041.
About the JPMorgan Chase Foundation
JPMorgan Chase donates more than $150 million annually to charitable organizations globally in support of public education, affordable housing and community revitalization efforts. More information is available at www.jpmorganchase.com/giving.
About Chase
Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co. (NYSE: JPM), which operates 301 branches and 540 ATMs in Michigan. More information about Chase is available at www.chase.com.