JPMorgan Chase & Co. is providing $20 million to Community of Hope for the purchase, renovation and expansion of a birthing center serving the eastern part of D.C. — part of a $30 billion commitment to advancing racial equity.
The funding, announced Tuesday, comes from JPMorgan’s purchase of a New Markets Tax Credit, where the bank will receive a reduction in it its taxes while the resulting money goes toward investments in the local community. In this case, the money will create the birthing center at 2120 Bladensburg Road NE with a community development financial institution (CDFI) or minority deposit institution (MDI) overseeing the funds, giving those organizations fee revenue.
Maternal and infant health have been a focus of D.C. Mayor Muriel Bowser and local health officials. Mortality rates for mothers and infants in the District are below national averages. The mortality rates for Black mothers in the District are even higher.