Leaders urge JP Morgan Chase to allocate money for redevelopment - Toledo News Now, Breaking News, Weather, Sports, Toledo

Leaders urge JP Morgan Chase to allocate money for community redevelopment

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TOLEDO, OH (Toledo News Now) -

Congresswoman Marcy Kaptur, Lucas County Treasurer Wade Kapszukiewicz and others are calling on JP Morgan Chase to commit money for community redevelopment efforts in Ohio in the wake of the national foreclosure crisis.

They urge the company to commit to "the Ohio Plan," which is aimed at committing $200 million out of $4 billion designated for consumer relief, following a recent foreclosure fraud settlement between the company and the U.S. Department of Justice. The plan calls for using that money for demolition and renovation of eyesore homes, foreclosure prevention programs, and helping turn around land left vacant by demolished homes.

"We can use it to fix up homes, where that can be done in order to reposition our neighborhoods for the future. This is a small down payment that JP Morgan Chase owes us," said Kaptur.

"It's all about helping people in neighborhoods who through no fault of their own have seen their values go down as eyesores and blight come to the community," explained Kapszukiewicz.

Ohio Senators Rob Portman and Sherrod Brown have also contacted the company in hopes of having the Ohio plan approved and funded.

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