Last week, Cleveland Development Advisors (CDA), an affiliate of the Greater Cleveland Partnership, announced they were the recipients of a $5 million grant from JPMorgan Chase to support development in the Cleveland neighborhoods of Clark-Fulton, Glenville, Buckeye-Kinsman, and their immediately surrounding areas. CDA has contributed a further $3.75 million to the project, taking the total commitment for the project to nearly $9 million.
The JPMorgan Chase grant is being made available through the company’s 6th national competition for philanthropic funding, the Partnership for Raising Opportunity in Neighborhoods, or PRO Neighborhoods. Cleveland was one of 7 recipients selected from among 75 applicants in 49 cities across the country.
The neighborhoods were selected for the grant application because they have an average poverty rate of 44 percent and an unemployment rate of 25 percent, which exceed the City of Cleveland’s overall poverty rate of 31 percent and unemployment rate of 18 percent. The grant funding will be used along with other incentives to attract projects that residents in the neighborhoods have identified as top priorities, including development of affordable housing, creating access to fresh food and greenspace, as well as opening-up access to living-wage jobs and workforce development.
CDA and its CDFI partner, Finance Fund, credit a 2017 Cleveland State University study that identified areas in the city with Opportunity Zone designations where focused planning could attract private investment to benefit existing residents and businesses. All of the neighborhoods identified in this project include Opportunity Zones. GOPC has written extensively about Opportunity Zones on our blog, and more information about where they are located in Ohio can be found on the Ohio Department of development (ODSA’s) website.
Photo: A rendering of the Glenville Circle North Project, courtesy of Cleveland City Planning Commission.