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J.P. Morgan adds D.C. to its urban-renewal roster

The bank is committing $10 million over the next three years to the U.S. capital’s economically challenged Southeast quadrant.

The investment will focus on two of the District’s poorest eight wards, where incomes are falling and poverty rates are rising in spite of the city’s overall economic improvement.

Half of J.P. Morgan’s investment will go to a group of community-development institutions that are financing local projects and lending to local businesses.

The investment in D.C. follows a $40 million commitment to the city of Chicago, announced last month, and $150 million for Detroit.

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