Do they need a supermarket? Do they need a health clinic? Do they need a school? This is Priscilla Almodovar. She’s the Managing Director of
Commercial Banking at JPMorgan Chase, and she’s been helping figure out what Detroit
needs to get through an economic recovery. It’s not a one-size-fits-all by any means. Every neighborhood is different,
every locality has different needs. Over the past several decades, Detroit,
once a booming metropolis and the center of the auto industry, became littered with
tens of thousands of abandoned structures, and median home prices dropped
to only 7,000 dollars. In 2013, the city became the largest
municipality to enter bankruptcy with an estimated $18 billion
in debt and liabilities. But Almodovar has said it’s too easy to focus
on the challenges, so she’s focused on getting to know those who know what the city needs most. These are people who are walking on the
ground, they care about their community, they want to know who’s gonna be there. To help, JPMorgan Chase pledged 150 million
dollars to support the recovery by 2019, but she’s working to make sure that it’s
invested in the right way using lessons learned from different areas with similar problems,
in a way that fits Detroit and its residents. We bring this breadth of what we see
across the country, and we’re able to share that across the country with
the local mayors, the governors, the not-for-profits on the ground. And I think that’s a very powerful combination. To her, the work is a reminder
of what really matters. We collectively cannot forget
about the importance of having a safe, decent place to live. It all starts with your home. It’s the families and the children that are actually getting the
benefit of the work that we all do. It’s very rewarding.