Chase gives big for affordable housing and small businesses in the Bronx

Chase gives big for affordable housing and small businesses in the Bronx

From left: Jason Duchin at DreamYard, Samantha Magistro at Bronx Pro Group, Perry Perlmutter at S:US, and JPMC executives. Photo by S:US.

April 30, 2024
By Monica Morales

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BRONX, N.Y. (PIX11) — From creating new affordable housing to helping small businesses stay afloat in the Bronx, one giant financial institution is investing billions of dollars to help families get a fresh start.

From connecting small businesses with support and funding so they thrive to helping them connect to victims of domestic violence with housing they can afford, it takes a village to make it happen.

And It’s all happening in the Bronx.

Franco Palomba, a 28-year-old from the Bronx, moved into a new affordable apartment back in July, and he says it has completely transformed his life. Palomba now lives on East 162 Street in the Melrose section of the Bronx. His new building, Melrose North, has 171 units of affordable housing.

Antonio Lopez, 76, also moved in. Lopez says he lived in a homeless shelter for three years before moving in.

Residents have to apply for lotteries on Housing Connect to get affordable apartments.

David Walsh, a Managing Director of JPMorgan Chase, says every resident here has a story of transformation. Palomba says he still has to pinch himself that he lives here.  He was one of the first residents to move in.

S:US CEO Perry Perlmutter speaks with Melrose North resident Franco Palomba.

Perry Perlmutter is the CEO of Services for the UnderServed, a nonprofit that helps connect residents with social services. He says there are great views and even a beautiful playground for families here. It’s not just affordable housing; it’s a community of support.

Melrose North backyard with mural and playground.

JPMorgan Chase CEO Jamie Dimon sat down with Monica Morales inside his new community branch in the Bronx. The Bronx Business Outreach Center in Hunts Point held a round-table conversation about housing and small businesses.

If you want to hear what JP Morgan Chase’s Chairman and CEO have to say about investing in the Bronx, head here.

Read the original article here.

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