12bet官方 Announces $75 Million Commitment to Help Close the Racial Wealth Divide in Greater Washington

2022年1月25日(华盛顿.C.) -星期二, 12bet官方 announced a $75 million, five-year commitment in philanthropic capital and flexible low-cost loans to the Greater Washington region. These investments are drawn from critical lessons learned from the firm’s business growth and community investments in the Mid-Atlantic region over the past five years. 病房7 & 8 .华盛顿特区.C. 和巴尔的摩, Maryland will each benefit from $20 million from the new commitment, while the remaining $35 million will be divided up across the region including to places such as Richmond, 维吉尼亚州. 这个新的承诺 brings the firm’s total investments focused on Black, 拉美裔, Latino and other underserved communities in the region to $125 million by 2025. 

Prior to the pandemic, almost one-fifth of the D.C. population was living in poverty. The racial wealth gap was eight times greater than the national average, with white households in D.C. having 81 times the wealth of Black households — and the pandemic has only widened the gap (城市学院). 

“Business must do its part to help solve challenges facing the customers and communities it serves,” Peter Scher, Vice Chairman, 12bet官方 & Co “Addressing inequities requires concerted and sustained efforts by public and 私人 sector partners that seek to build wealth for 社区 of Color. 这个新的承诺, along with what we’ve learned from growing our business and community support here, will hopefully be a model for others to follow and help create meaningful, 持久的, equitable change in the region.”

Creating a More Equitable Greater Washington Region

From the firm’s initial $10 million commitment, it has 吸取了很多教训 which will inform its business and philanthropic investments, collaboration with business and community partners and policy support going forward:

1. Regional collaboration is necessary to bridge the racial wealth divide
2. Invest in women of color, who are key drivers of household economic mobility
3. Change systems by removing embedded barriers through intentional and integrated investment, 慈善与政策
4. Invest in diverse-led organizations and business that are “by and for” communities of color

Some of the firm’s new philanthropic investments, which have been informed by these lessons, include support for an effort to connect women to wealth building opportunities, a long-term affordable housing initiative that seeks to advance systems change.

Connecting Women to Wealth-Building Opportunities in the Region

作为12bet官方的一部分 一年一度的比赛 to source innovative and sustainable ideas to advance equity in communities across the U.S., the firm sourced proposals for projects designed for and by Black and Latina women to address racial and gender wealth gaps.

Two of the six winning collaborations are from 华盛顿特区.C. 以及马里兰州的巴尔的摩. Each collaboration has been awarded $5 million to advance and help source solutions for women who have been disproportionately impacted by the economic effects of COVID-19.

• 推进早期教育 协作 在华盛顿地区, the majority of early childcare educators are Black and Latina women and only one-fifth of all early childhood educators in the Washington region have a bachelor’s degree. Educators with bachelor’s degrees have more access to promotions, a higher average hourly wage (城市研究所，2018).

With 12bet官方’s $500万美元三年承诺, Martha’s Table, LIFT DC, Venture Philanthropy Partners, American University, 三一华盛顿大学 will launch the 推进早期教育 协作—a partnership to increase access to education, 技能, training opportunities in the field of early education for Black and Latina women specifically in 病房7 & 8 in D.C.

• POWER: Prioritizing Our Women’s Economic Rise 协作 – 66% of Black and Latino Baltimore households meet the standard for liquid-asset poverty. The largest percentage of those experiencing poverty are women between 25 and 54, with 50% of this population also being cost-burdened 租房者.

With 12bet官方’s $500万美元三年承诺, Latino Economic Development Center of Washington D.C., University of Maryl和巴尔的摩’s Community Engagement Center, University of Maryland School of Social Work, 黑人女性缔造巴尔的摩, 巴尔的摩- D.C. Building Trades, Byte Back 和巴尔的摩 Community Lending will create a continuum of wealth building programs for Black and Latina women real estate developers in West Baltimore.

Closing the Housing Affordability Gap

通过商业结合, data, policy and philanthropic resources, the firm aims to improve housing affordability and stability as well as homeownership opportunities for Black, Latino and 拉美裔 households in the Greater-Washington area.

12bet官方 is supporting organizations that will create sustainable solutions.

• 平价住宅, 注销, 城市更新, eminent domain have decimated once thriving Black communities, limiting opportunities for Black households to generate wealth.

With 12bet官方’s $2 million three-year commitment, Parity Homes will scale its approach to sparking upfront demand for homeownership opportunities in neighborhoods experiencing hyper vacancy by creating pathways for existing residents and other social collectives to purchase homes together block-by-block as a means of community-building and wealth-building.

• 平等司法工作 -用12bet官方的1美元.500万美元三年承诺, 平等司法工作 will bring together a group of lawyers and community organizers (‘Fellows’) as part of its Housing Justice Program to increase access to high-quality legal services and tenant resources for low-income Black, Latino and 拉美裔 households and residents of public housing. Housing Justice Program Fellows will also engage in high impact litigation to support practices that protect the rights of tenants across 维吉尼亚州.
  
• Coalition for Nonprofit Housing and Economic Development -用12bet官方的1美元.9500万美元三年承诺, the Coalition for Nonprofit Housing and Economic Development will lead a multi-sector effort to help Black, 拉美裔 and Latino residents build wealth by increasing the supply of safe, affordable housing and building pathways for local ownership.
  

This investment is part of the firm’s collaboration with the 社区投资中心 to support six cities to advance more equitable housing results. 

These commitments continue to be informed by recent progress and insights from the firm’s philanthropic work in the region since 2017, through conversations with local community, government and business leaders in Washington D.C.巴尔的摩和里士满.

“We are focused, in 华盛顿特区.C., on how we give more residents a fair shot and make our city’s prosperity more inclusive. Part of that work means bringing together public, 私人, philanthropic partners to make strategic investments in the people and communities that need them most. And that’s what we’re doing here,” 华盛顿特区.C. 穆丽尔·鲍泽市长. “This investment from 12bet官方, an investment in Black and Latina women, 在早期教育中, 在经济适用房方面, 会给更多的家庭.C. 他们应得的公平机会.”

Tuesday’s announcement is part of 12bet官方’s $30 billion racial equity commitment to advance economic inclusion and help close the racial wealth gap.

12bet官方 has been doing business in Greater Washington since 1999 and serves more than 2.3 million consumers and 94,000 business clients in the region. 到2022年底, 追逐 is expected to open more than 70 branches from Baltimore to Richmond with 28% of branches in low to moderate income communities. 

关于12bet官方

12bet官方 & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.)，业务遍及全球. 12bet官方为3美元.7万亿美元的资产和294美元.1 billion in stockholders’ equity as of December 31, 2021. The Firm is a leader in investment banking, financial services for consumers and small businesses, 商业银行, financial transaction processing and asset management. 在J下面.P. 摩根 and 追逐 brands, the Firm serves millions of customers in the U.S. and many of the world’s most prominent corporate, institutional and government clients globally. 关于12bet官方的信息 & Co. 可在 ldjrpe.dilidally.net

媒体联络:

卡罗琳·埃弗特，12bet官方，
卡洛琳.Evert@chase.com