Keeping it Fresh at Mercado La Paloma

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1 Summer 2015 Issue 18 Keeping it Fresh at Mercado La Paloma For decades, the residents of the diverse Figueroa Corridor in Los Angeles struggled with a lack of quality jobs and business opportunities, low educational attainment, high poverty, health issues and substandard housing conditions. After a period of research, planning and engagement, the concept of Mercado La Paloma was born, providing hope and opportunity for the community. Esperanza Community Housing Corporation, a nonprofit organization that supports affordable housing, health, arts and sciences, education and economic development, renovated a former garment factory into a 35,000-square-foot mixed-use building. Mercado La Paloma opened its doors in early 2000, with space for retail, restaurants, local small businesses, nonprofits and art and cultural groups. After more than a decade of use, Mercado La Paloma was in need of a makeover to keep it fresh, functional and responsive to community needs. Chase 1 stepped in to assist along with community partner Genesis LA, which provides capital to projects in inner city communities throughout Los Angeles. Supporting the continued revitalization of this community, Chase provided: An $8.1 million Chase Qualified Equity Investment A $2.7 million Chase New Markets Tax Credit equity investment Funding will be used by Esperanza to: Reduce operating costs Improve interior air quality Build out vacant space for an additional restaurant Make capital improvements for energy efficiency Retain 136 jobs, while also adding 5 10 temporary and 16 permanent jobs These improvements will enable Esperanza and the vibrant mix of for-profit and nonprofit tenants at Mercado La Paloma to grow their businesses and widen their positive impact on the Figueroa Corridor. East view of Mercado La Paloma. Courtesy of Esperanza Community Housing Corporation. Exterior wall mural at Mercado La Paloma. Courtesy of Esperanza Community Housing Corporation. 1 Chase refers to JPMorgan Chase & Co. and any of its subsidiaries or affiliates; Low Income Housing Tax Credit Investments are provided through JPM Capital Corporation; philanthropic grants are provided through the JPMorgan Chase Foundation.

2 Welcome to In the Community Urban or rural, large or small, each community and the needs of its residents are unique. That s why we re pleased to share the diverse projects and initiatives that Chase supports across the country in the latest issue of the In the Community newsletter: In this issue, we highlight efforts that are responsive to the unique needs of each community, including: Increasing economic development opportunities Creating affordable housing Supporting job creation for military veterans Expanding hunger-free initiatives Fostering vibrant communities where artists and residents can thrive Engaging entrepreneurs through programming, networking and skills training We hope you re inspired by these projects, and we thank you for your ongoing partnership and feedback. Fostering Revitalization through the Arts With support of local and state partners in Delaware, the Wilmington Creative District is on its way to becoming a vibrant city center where entrepreneurs including artists, musicians, designers and tech innovators thrive. The Creative District is located in Quaker Hill, a historic neighborhood that also contributes to the city s long legacy of arts organizations and creative businesses. Strengthening this legacy, Chase made a $100,000 grant to the Wilmington Renaissance Corporation to support the Wilmington Creative District Vision Plan that will address community needs, including: Creating affordable housing Revitalizing blighted neighborhoods Expanding employment opportunities for artists and others The plan is designed to create strong economic returns and valuable investment opportunities for creative entrepreneurs in the neighborhood and larger community. The Creative District property renderings. Courtesy of The Breckstone Group, Inc. Page 2

3 Commitment to Affordable Housing Beech Grove Station Senior Apartment Homes Beech Grove, IN The Beech Grove Station Senior Apartment Homes development will soon provide 60 units of much-needed affordable housing to seniors earning up to 60% of the area median income, or $40,740 annually. Chase provided a $6.4 million construction loan and a $700,000 permanent loan for the project. Longtime community partners the NRP Group and the Community Action of Greater Indianapolis Inc. are serving as the project s developer and nonprofit sponsor, respectively. The apartments will include handicapaccessible units, and each resident will receive a free membership to the Beech Grove Senior Center, which offers activities, transportation and scheduled trips for members. Beech Grove Station Senior Apartment Homes. Courtesy of RDL Architects, Inc. Pelican Cove Apartments Miami Gardens, FL Demonstrating our commitment to affordable housing, Chase provided a combined $11.9 million in construction and permanent loans to support the Florida Housing Finance Corporation s development of Pelican Cove Apartments in Miami Gardens. This development will provide 112 units of affordable rental housing for those earning up to 60% of the area median income, or $29,040 annually. The Cornerstone Group, which has partnered with Chase on numerous projects over the last five years, will serve as the developer, contractor and Pelican Cove Apartments. Courtesy of Burgos Lanza and Associates. property manager. Villas of Penitas Penitas, TX A new master-planned community known as Mil Encinas in Penitas, Texas, will encompass housing, commercial, retail and public services for residents. Villas of Penitas, a residential portion of this development, will provide 128 units of affordable housing for those earning up to 60% of the area median income, or $21,000 annually. Social services, including job training, financial education and health and nutritional courses will also be available to residents. Chase provided more than $25 million to support this community, including: A $12.5 million construction loan A $13 million Low Income Tax Credit investment Residents are eagerly anticipating the completion of the Villas of Penitas this fall as the city s first affordable housing development in more than six years. Villas of Penitas. Page 3

4 188 Warburton Avenue Yonkers, NY The demand for affordable rental housing always seems to outrun supply in high-cost housing markets like Yonkers. That s why developments like 188 Warburton are so welcome. It will provide 51 units of affordable housing for those earning up to 60% of the area median income, or $41,340 annually. Demonstrating responsiveness to affordable housing needs, Chase provided multiple forms of financing for 188 Warburton, including: A $3.9 million loan A $13.5 million letter of credit A $10.6 million Low Income Housing Tax Credit investment This funding was bridged with multiple funding sources to complete 188 Warburton, which is part of a greater redevelopment plan for Cottage Place Gardens, a former public housing complex. Local nonprofit Family Service Society of Yonkers will provide social services to residents with special needs. Additional funding for 188 Warburton was provided by: Brownfield Cleanup Program State of New York New York State Housing Finance Agency Neighborhood Stabilization Program Municipal Housing Authority for the City of Yonkers New York State Energy Development Authority Homes for Working Families Program Community Builders, Inc. (project sponsor and developer) 188 Warburton Avenue. Courtesy of Magnusson Architecture and Planning. Page 4

5 Increasing Capacity: Meals on Wheels of Tarrant County Meals on Wheels of Tarrant County, Texas, is a nonprofit organization established in 1973 to provide home-delivered meals, professional case management and other services to elderly, disabled or homebound citizens. Each year, the organization serves more than 4,000 people. Responding to Meals on Wheels need for a larger facility to meet the annual demand for one million meals, Chase provided: $3.9 million in loans A $5.3 million New Markets Tax Credit investment The new 61,000-square-foot facility will be double the size of the current facility and contain energyefficient appliances and upgraded kitchen equipment. Meals on Wheels of Tarrant County will be able to prepare and respond to the projected 25% increase in demand by The new Meals on Wheels facility. Courtesy of Hahnfeld Hoffer Stanford. Expanding the Mission Chase founded the 100,000 Jobs Mission with a coalition of 10 other companies in 2011 with the goal of hiring 100,000 veterans by Only four years and more than 217,000 veteran hires later, the Mission not only met its goal, but has raised it: The coalition is now aiming to hire a total of 300,000 veterans by That s certainly within reach, as the coalition has grown to more than 190 companies representing almost every industry in the U.S. economy and expanded its efforts to include hiring military spouses. Visit jobsmission.com to learn more. Attracting Economic Development Opportunities AstaReal Technologies Inc. s new manufacturing plant will soon bring 50 permanent jobs to Moses Lake, Washington, a rural community with an unemployment rate that s nearly double the national average. Supporting the economic development of this community, Chase made a $2.3 million New Market Tax Credit investment for the facility, which will produce natural astaxanthin, an antioxidant used to improve cardiovascular health and endurance and fight type 2 diabetes, hypertension and eye fatigue. Local and state partners, including Grant County, the City and Port of Moses Lake, the Grant County Economic Development Council and the Washington State Department of Commerce, were also significant in attracting AstaReal to help with the overall redevelopment of the community. Page 5

6 Chase Sponsors Startup Weeks Creating opportunities for emerging business owners and local leaders to build connections, network and share advice and experiences is what Startup Week is all about. Chase partnered with UP Global to launch Startup Weeks in Phoenix, Dallas and Tampa Bay, Florida, to celebrate great companies and innovation. UP Global is a nonprofit dedicated to fostering entrepreneurship, grassroots leadership and strong communities. Combined, these three events offered free programming, networking and skills training to nearly 6,000 entrepreneurs. Photos from Startup Week Phoenix (top), Tampa Bay (center), and Dallas (bottom). Each Startup Week provided unique opportunities for Chase to engage and give back to the entrepreneurial community: The Dallas Startup Week included events on fashion, food and how to secure funding. Veterans shared their experiences starting businesses after military careers in Tampa Bay. Arizona State University hosted a panel discussion on women business owners during the Phoenix Startup Week, during which Chase awarded the university s Women s Entrepreneurship Center a $175,000 grant. Be on the lookout for future Startup Weeks and visit startupweek.co for more information. In the Community is published by JPMorgan Chase CRA Management Page 6

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