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From San Antonio Express News

TAAHP member JP Morgan Chase is reported to be giving $1 million to Houston Business Development to build affordable housing units within the city and provide below-market rate loans to small businesses with marginal credit scores.

The donation is being made in an attempt to narrow the opportunity gap in areas of high poverty while also providing more affordable housing for low-income residents.

“Houston Business Development is tackling two of the most formidable challenges facing neighborhoods with high poverty – a persistent gap in economic opportunity and the need to provide more affordable housing,” Pete Nardo, head of Chase Business Banking in Texas, said in a news release.

Of the $1 million, $600,000 will go to the Credit Builder Loan program offered to companies whose growth has been stunted by impaired credit.

The program offers loans, starting at low balances of $600 or $1,200, and credit training. Participants’ credit scores and loan balances can increase as they show a track record of making their payments on time.

Participating businesses can ultimately borrow up to $4,500 at below-market interest rates, according to the news release.

The remaining $400,000 from Chase will help finance affordable housing, particularly single-family houses and townhouses that Houston Business Development will build in Acres Homes and the OST/South Union areas. Some of the houses are already under construction.


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