JPMorgan Chase’s1 community development programs and initiatives across the many communities invest in our communities and working with the community based partners to respond to needs –JP Morgan programs and initiatives to help stabilize distressed neighborhoods and assist homeowners especially the foreclosure prevention and mortgage modification program will keep hundreds of thousands of families in their homes.
Thanks to financing provided by Chase and other funders, construction is now underway for the building of critically needed senior affordable housing in south King County, Wash. In November 2008, Chase provided a $9.9 million construction loan to the Korean Women’s Association for the development of Senior City Apartments in the City of Federal Way, 30 miles south of Seattle.
The project involves the new construction of a 62-unit mixed use building for lower-income seniors (who earn less than 50% of the area median income), adjacent to the new Sound Transit regional center downtown. This housing project is part of the City of Federal Way’s effort to develop a high-density central core of residential and commercial development. The total development cost of $16.9 million was funded by several private and public sources.
The Korean Women’s Association is a wellestablished non-profit regional social service provider in King and Pierce counties as well as in Western Washington. In addition, the association focuses on the development and ownership of low-income housing in the local area.
A team of dedicated Chase bankers – including Chuck Weinstock, Tim Gerstmann, Maria Laciste, Tim Grant, and Don Brewer – made the project a reality. The photo was taken when KWA had groundbreaking ceremony back in September 25th, 2009 for the Senior City Apartments; (Right) Rendering of the northeast side of the Senior City Apartments project. Federal Way City Center Project will be done by 2010.
