Agreements aimed at driving economic growth and prosperity in Cleveland's underserved neighborhoods
February 7, 2025 — Cleveland — Yesterday afternoon, Mayor Justin M. Bibb, Cleveland City Council President Blaine A. Griffin, and members of the city’s integrated development team met with leaders from KeyBank and JPMorgan Chase to sign memorandums of understanding focused on community reinvestment and financial empowerment initiatives.
“The agreements we signed yesterday – the first in more than 10 years – are a meaningful step toward breaking down barriers and fostering a more inclusive economy in our city,” said Mayor Bibb. “I am grateful for the leadership and commitment from these institutions to expand financial access, services, and education. We encourage and welcome additional banks to take action and join the Community Reinvestment Initiative. Together, we can ensure that every neighborhood has the financial resources to thrive.”
The City’s agreement with KeyBank includes a commitment to affordable lending products for low-to-moderate income Clevelanders, small business technical assistance and support, real estate financing for the development of affordable housing, and up to $3 million in sponsorships to support community outreach that builds trust and communication between the community and financial institutions.
“As Cleveland’s hometown bank, we are excited to strengthen our partnership with the city and proud of the work we are doing together,” said Eric Fiala, Chief Corporate Responsibility Officer at KeyBank. “From our participation in the Cleveland Bank-On Coalition to direct investments in affordable housing and home repair, we are committed to helping this community thrive. Throughout our 200-year history, building generational wealth through homeownership and improving the neighborhoods we call home has been foundational to our purpose and mission.”
Last year, KeyBank committed $20 million to launch the new Cleveland Housing Investment Fund along with a $2.5 million grant in August 2023 for home repair programs through the City of Cleveland Department of Community Development and CHN Housing Partners.
In alignment with their longstanding efforts to support the needs of communities, the MOU with JPMorgan Chase aims to expand affordable housing, increase homeownership, and improve the financial health of Clevelanders.
“JPMorgan Chase is committed to supporting communities, including those that have been historically underserved,” said Zubair Ahmed, Industry Executive with JPMorgan Chase. “We are combining business product innovation with community investments, research, and policy advocacy to launch and grow minority-owned businesses, promote an inclusive workforce, expand access to credit, and increase community access to banking and financial resources. We are proud to enter into this MOU with the City of Cleveland and we look forward to growing this partnership as we expand our services in Northeast Ohio.”
Although the MOUs are non-binding, they represent a strong commitment to the City, provide for greater accountability, and call for a new level of data and metrics that will help to reshape policies that promote economic inclusion.
"Council's priority has been to expand housing options across the City, including affordable, market-rate, and senior housing," said Council President Griffin. "Many of our neighborhoods have suffered from decades of neglect and lack of investment. Council appreciates the contributions of KeyBank and JPMorgan Chase and remains committed to encouraging greater bank participation in the Community Reinvestment Initiative."
MOU documents linked below:
City of Cleveland and KeyBank Community Reinvestment MOU
City of Cleveland and JPMorgan Chase Community Reinvestment MOU
