Chase gives big for affordable housing and small businesses in the Bronx

BRONX, N.Y. (PIX11) -- From creating new affordable housing to helping small businesses stay afloat in the Bronx, one giant financial institution is investing billions of dollars to help families get a fresh start. 

From connecting small businesses with support and funding so they thrive to helping them connect to victims of domestic violence with housing they can afford, it takes a village to make it happen. 

And It’s all happening in the Bronx.  

Franco Palonba, a 28-year-old from the Bronx, moved into a new affordable apartment back in July, and he says it has completely transformed his life. Palonba now lives on East 162 Street in the Melrose section of the Bronx. His new building, Melrose North, has 171 units of affordable housing.  

Antonio Lopez, 76, also moved in. Lopez says he lived in a homeless shelter for three years before moving in. 

Residents have to apply for lotteries on Housing Connect to get affordable apartments. 

David Walsh, a Managing Director of JP Morgan Chase, says every resident here has a story of transformation. Palonba says he still has to pinch himself that he lives here.  He was one of the first residents to move in.  

Perry Perlmutter is the CEO of Services for the Underserved, a nonprofit that helps connect residents with social services. He says there are great views and even a beautiful playground for families here. It’s not just affordable housing; it’s a community of support.

JPMorgan Chase CEO Jamie Dimon sat down with Monica Morales inside his new community branch in the Bronx. The Bronx Business Outreach Center in Hunts Point held a round-table conversation about housing and small businesses. 

If you want to hear what JP Morgan Chase's Chairman and CEO have to say about investing in the Bronx, head here.