JPMorganChase Invests $20M in Minneapolis Nonprofits to Spur Economic Growth

The New Markets Tax Credit (NMTC) program has helped channel private investment into projects in underserved areas across the country. In Minneapolis, this investment has led to the development of a 40,000-square-foot emergency shelter and service facility built by Simpson Housing Services with financing from J.P. Morgan.

The project offers a continuum of care for neighbors experiencing chronic homelessness, providing emergency shelter, on-site services, and access to permanent supportive housing apartments. The building's top two floors are separately owned by Project for Pride in Living and feature 42 permanent supportive housing apartments.

JPMorganChase has invested $20 million in local nonprofit organizations over the last five years, supported 39,000 small business clients, and delivered financial health education to thousands of residents. The firm's goal is to create inclusive economic opportunity for all by expanding community spaces and providing access to banking, financial health resources, homeownership, and other wealth-building tools.