Chase grant to help Latinos
The Arizona Republic
Dec. 2, 2004
Money will go for education, buying land
Financial education for Latinos is on many bankers' minds these days.
The latest effort to help build Hispanic wealth comes from Chase, the retail
banking unit of JPMorgan Chase & Co.
The company will announce today a $1 million grant to the National Council of La
Raza and its Phoenix-based community development subsidiary, the Raza
Development Fund. Money will be earmarked for financial education and the
financing of land acquisition for community development projects around the
About $750,000 is expected to help
Raza Development Fund leverage $50 million in real estate deals for affordable
housing, charter schools and health centers, including a project in south
Phoenix, said Tommy Espinoza, president and chief executive officer of the fund.
The rest will go to home-buyer and general-financial education.
Both the education and community-development programs work hand-in-hand to push
up wealth, said Lautaro "Lot" Diaz, vice president of community development for
NCLR. That's because for most families' wealth comes from the value in their
Studies show Latinos lagging behind the general U.S. population in wealth
Diaz pointed to a Federal Reserve survey of consumer finances that shows the
average Latino family's net worth was $3,000 in 1998 compared with $81,700 for a
NCLR soon will launch economic mobility centers aimed at providing information
on personal finance and wealth accumulation. A Chicanos Por La Causa program in
Tucson is expected to be among the first to offer the expanded services.
Mark Willis, head of community development for Chase, said the grant is "just
the start of what we hope will be a significant, long-term relationship with