Educational Opportunities Made Possible with LIIF – Strengthening Communities – Chase

My name is Priscilla Almodovar, I’m the
Managing Director of Community Development Banking at JPMorgan Chase. The critical part
of JPMorgan Chase’s strategy in Community Development is to find strong partners. And
LIIF is one of our more critical partners. In particular, we have looked to LIIF in issues
of education. They share a very similar approach to education as ours at Chase. Our goal is
to create educational opportunities for all students, regardless of which communities
they live in. And in doing that, we believe that the child or student should be approached
from early child care all the way to college. A great example of LIIF’s thought leadership
is what happened a few years ago, in the middle of the economic crisis: charter schools – there
was strong demand for them, with no capital for them. And we couldn’t abandon these
schools. So, working with partners life LIIF, we came together, we brought to bear a 325M
fund where we brought tax credits to the table; we brought senior loans to the table – and
realized we needed some soft dollars. So we brought our Foundation to the table. And working
with organizations like LIIF, we were able to deploy this money into these communities
at the time when they needed the most financing, but there was no capital for them. The community
development industry has evolved dramatically. It started out with affordable housing – very
important need in these communities. But over time, it’s matured into an industry that
really realizes housing is a very critical part of these communities, but similarly,
having access to other facilities that any community need, whether it’s healthcare,
whether it’s the right schools, whether it’s the right supermarkets, the right infrastructure
– by doing so, we create better places to live, and when we do that, we change lives,
which is quite powerful.

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