JP Morgan Chase to invest $8.5 million to tackle Baltimore's vacant housing crisis, support local businesses

BALTIMORE --  JP Morgan Chase has announced an $8.45 million investment to address the vacant housing crisis and support local businesses in Baltimore City.

Baltimore Mayor Brandon Scott says the move is about undoing years of purposeful divestment.

JP Morgan Chase has been in Baltimore for 130 years. The firm's commitment includes $6 million for nonprofit organizations addressing the vacant housing crisis.

Baltimore has seen a nearly 20% decrease in vacant building notices in the past five years. However, city officials say there are still more than 13,000 vacant homes.

Bree Jones, founder of the West Baltimore development company Parity Homes, said tackling the vacant home crisis is "going to be hard. It's not going to be easy, but it is possible."

JP Morgan Chase is dedicating $2.45 million to supporting small businesses. Over the next five years, the firm plans to invest $20 million in revitalizing Baltimore.

"It's a signal to the rest of the world that Baltimore's renaissance is happening," Mayor Scott said. "This is a time for people to bet big and bet big on Baltimore."