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JPMorgan Chase, Baltimore enter into partnership

Posted at 5:44 PM, Jan 26, 2022
and last updated 2022-01-26 17:44:59-05

WEST BALTIMORE — It's a partnership the city hopes will help west Baltimore prosper.

JP Morgan Chase is investing $20 million dollars into that part of the city.

$5 million will go to ‘POWER’ -- a group that includes the city, The University of Maryland, and Black Women Build Baltimore.

The collaborative group will use that money to increase economic development opportunities for Black and Latina women in west Baltimore.

$2 million will go to Parity Homes, a city real estate developer.

They'll use it to help 200 families become homeowners, and to start a construction apprenticeship program.

The group's founder said their goal isn't just to help improve these families' lives, it's also to build new communities in west Baltimore.

“Instead of us renovating a single, abandoned building and trying to sell it on the open market via Zillow for example, we're nurturing an organic social group we call the collective to revitalize our neighborhoods using social capital,” said Parity Homes founder Bree Jones.

Plans for the remaining 13 million dollars will be announced in the coming months.