Detroit is known for its resilience. In 2023, the city reversed years of population decline, signaling renewed confidence in the Motor City and its future.1 Still, affordable housing remains a challenge. Detroit has the lowest median household income among the 25 largest U.S. metropolitan areas.2 Roughly 60% of the city’s renters spend more than 30% of their income on housing—leaving less for essentials like groceries, utilities, childcare and medical expenses.1
Since 2016, Community Development Banking has invested $180 million in Detroit community development organizations helping create opportunities for residents and ease the affordable housing shortage, including:
- $105 million to develop and finance 743 affordable rental homes
- $55 millionin New Markets Tax Credit equity forschoolsand other facilities that provide essential community services
- $20 millionin Historic Tax Credit equity to preserve historic buildings while adapting them for new uses
It’s also one piece of the firm’s larger investment in Detroit’s future.
“Detroit has made significant progress over the last 10 years—thanks in large part to the proud and resilient members of the community. J.P. Morgan has supported the revitalization of the city, and I hope we continue to have the honor of supporting its future.”
Vice President, Community Development Banker, Commercial & Investment Bank
Hear directly from Detroit residents shapedby these investments—and the people behind them.
Meet Justin
Investing in adaptive reuse at Greatwater Opportunity Capital
Meet Justin
This video opens with a man in a zip-up vest and glasses, speaking from a studio with exposed brick walls. Identifying text appears:
‘Justin Golden, Co-Founder, Greatwater Opportunity Capital.’
450 Amsterdam is now called the Amsterdam Lofts, and it is a one of one.
Justin sits at a studio table filled with collage materials along with the director, then a black-and-white photo shows hundreds of workers surrounding a three-story factory.
That building was the original assembly plant for the Cadillac Motor Car Company. It was also one of the very first buildings constructed using reinforced concrete.
More archival photos show the brick building with a Cadillac Motor Car Company sign, and dozens of workers looking out the open factory windows. A line of automobiles sits parked outside the building.
They used it until they needed a bigger space, and then it was mostly vacant.
A more recent photo shows the factory with boarded-up windows.
New construction is cheaper than adaptive reuse, and so you need to be as creative as you can.
Justin adds a record player to his collage, which spells out the word ‘Grit.’ He writes a word on a red brick, then plays catch with the director. They hold up their arms as they celebrate.
We used opportunity zone equity, federal historic tax credits, state historic tax credits, a bridge loan. There’s all sorts of different products that had to come together in order to make the capital stack work.
Clips show the finished building, with neat landscaping surrounding walkways and the parking lot. Sunlight floods into a modern apartment with exposed brick walls, and lights shine outside the building at night.
But now it is a loft-style apartment building. There’s about 90 apartments in it, and it’s now outfitted with a gym, and a dog park, and a bocce court, and an outdoor kitchen. And it once was a place where they assembled automobiles, and now it’s an amazing place for residents to live.
More photos show the building’s bright lobby, a modern common area with high ceilings, a breakfast nook, and a galley-style kitchen with light oak cabinets. Text appears over downtown Detroit:
‘If these walls could talk, by J.P.Morgan.’
The video ends with a logo over black:
J.P.Morgan.
Legal disclosures appear beneath an icon of a house with an equal symbol:
‘Equal Housing Lender.
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Meet Katy
Helping farmers and vendors grow businesses at Eastern Market
Meet Katy
This video opens with a woman in a t-shirt and blazer, speaking from a studio with exposed brick walls. Identifying text appears:
‘Katy Trudeau, President and CEO, Eastern Market.’
On any given year, we’ll see over 2 million visitors to the Eastern Market neighborhood to experience the brick-and-mortar businesses, to go to one of our markets, to one of our special events.
Clips show visitors browsing produce and colorful flowers at an open-air market.
As the agricultural industry has changed and grown and shifted in the United States, we’ve seen the absence of smaller-scale local places for farmers to store their product and sell their product at wholesale.
Katy shakes hands with the director as she arrives at the studio, then sits with him at a collage table. They chat as she uses a glue stick and peruses craft images.
You’ve got either really large produce terminals or you have hyper-local farmers markets. So there’s sort of this missing middle of wholesale space that we’re trying to fill at Eastern Market.
She writes a word on a red brick. Then, cars sit parked outside a sprawling facility with loading bays and storage areas.
So this is a 40,000-square-foot facility, with dedicated large scale refrigerators and coolers and dock space for farmers to receive the product at the market as well as sell to regional grocery stores, other farmers markets, restaurants, and businesses of that nature.
She smiles as she does an elaborate handshake with the director, then text appears over downtown Detroit:
J.P.Morgan.
‘Equal Housing Lender.
Meet Kirby
Providing capital and expertise through IFF to create community anchors
Meet Kirby
This video opens with a man in a navy suit and glasses, speaking from a studio with exposed brick walls. Identifying text appears beside him:
The McClellan site was a partially demolished, vacant Detroit Public Schools building.
Kirby laughs as he sits at a studio table filled with collage materials along with the director. He cuts out images and glues them to construction paper.
And the idea that an early-childhood provider who’s so busy trying to respond to the needs of community that might be facing a facilities challenge in a city that had really significant obstacles to accessing capital would have the time and wherewithal to try and acquire and demolish a vacant school building, that’s a pretty big chasm. And that’s where we show up.
Kirby presents his collage to the director, then writes a word on a red brick. He laughs as the director gives him high fives.
We show up with a provider, in this case, Matrix Human Services, that needed a permanent home.
Photos show the restored facility with tricycles parked in a courtyard. Inside, sunlight floods into a playroom, waiting area, and sleek halls.
Through the life of our financing, we ultimately hand ownership over to that provider. The provider then has a permanent home that they’re familiar with, and they’ve built constituency and community. They’re able to build net assets because we’re passing on the benefits of the economic structure to them through that transaction…
Kirby laughs as he collages with the director.
…and ideally we’re activating a high-quality community anchor that has ancillary and ripple effects in the geography in and around that particular building.
Text appears over downtown Detroit:
J.P.Morgan.
‘Equal Housing Lender.
Meet Tylass
Building a sanctuary for lifelong learning in his apartment
Meet Tylass
This video opens in a studio with exposed brick walls, where a man sits wearing a suit, sunglasses, fedora, and an ascot-style tie. Identifying text appears:
‘Tylass Bivins, Resident, Clay Center.’
If the walls of my apartment could talk, they would describe me as being studious in my endeavors daily.
Tylass arrives at the studio, and shakes hands with the director. He flips through a craft book as they make collages.
My apartment is a beautiful apartment. It’s very comfortable. And the reason why is because of the management team of the property. They address any problem that you have immediately. They always have some type of event for the people there to bring them together.
The director shows Tylass around the studio. Tylass cuts out images for a collage, then plays rock-paper-scissors with the director.
My favorite thing to do in my apartment is contemplate the knowledge that I retain. I have a certification as a clinical medical assistant. I always study, you know. The more I learn, the more I learn I don’t know.
J.P.Morgan.
‘Equal Housing Lender.
Meet Vernita
Helping families reach their goals at Matrix
Meet Vernita
This video opens with a woman in glasses and a black dress, speaking from a studio with exposed brick walls. Identifying text appears:
‘Vernita Moore, Family Advocate, Matrix.’
At Head Start, we help the parents for children that are 6 weeks to 5 years old.
The director shows Vernita around the studio, then they chat as they sit at a table and page through collage materials.
We are federally funded, so the parents do not have to come out their pocket for anything. Each parent gets a family advocate. We are helping the parents to be self-sufficient. We are helping the parents if they need a job, if they need resources for utilities, if they want to buy a house. That’s what the family advocates are for.
Vernita writes a word on a red brick, chats with the director, and gives him a high five. They fist bump as they interview.
When they first come and enroll and they sit down and they talk to me, I’m always asking a parent what is their goal? And when they meet that goal, that means a lot to me because I always talk to my parents to let my parents know, I want to get you out of poverty. That’s my number 1 goal when they come sit down with me at the beginning of the school year.
J.P.Morgan.
‘Equal Housing Lender.
The walls are talking across the country.
References
U.S. Census Bureau, Household Income in States and Metropolitan Areas: 2024
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.
