Baltimore City was awarded $20 million from JPMorgan Chase to increase economic equity and mobility.
Specifically, $5 million will be awarded to the POWER: Prioritizing Our Women’s Economic Rise collaborative to increase economic development opportunities, including small business, workforce, and real estate development, for Black and Latina women in West Baltimore. Another $2 million will be awarded to Parity Homes to create 200 new homeownership opportunities for low-income households and a construction apprenticeship program. Plans for the remaining $13 million will be announced in the coming months.
Mayor Brandon M. Scott discussed the $20 million award in a press release:
“I want to start by thanking JPMorgan Chase for committing $20 million towards closing the racial wealth divide in the Baltimore region,” said Mayor Brandon M. Scott. “This critical investment ties directly into our shared vision for equitable, community-based development and economic growth across Baltimore City. We can’t emerge as a stronger community if we don’t invest in the economic well-being of Black and Latina women.”
Baltimore City’s award is a part of JPMorgan’s $30 billion racial equity initiative.