J.P. Morgan is Making an Impact on Minnesota Housing

Rochelle Dotzenrod, Head of Community Development Real Estate, Central

Describe your role at J.P. Morgan.

I manage the Central region of our Community Development Real Estate group. I have a team of amazing bankers located throughout the 27-state region who work with commercial developers to bring affordable and workforce housing projects to life. We support clients by providing loans, investments and services for low-and moderate-income households and communities and offer financing for projects of any size and complexity. 

Partner Insights spoke to Rochelle Dotzenrod, Head of Community Development Real Estate, Central Region, about the firm’s latest efforts in the community development sector with an emphasis on expanding affordable housing options. Dotzenrod successfully pivoted her career to a satisfying mission that aligns with J.P. Morgan’s commercial real estate goals in the upper Midwest.

How does your team fit into the firm’s overall strategy in Minnesota?

For more than 100 years, JPMorganChase has worked with government and community leaders in Minnesota to help drive sustainable economic growth. We do this by providing local expertise and support through our branches. We lend to small, midsized, and large businesses. We finance hospitals, schools, grocery stores, homes, automobiles, and governments. We do all this while also providing market-competitive compensation and benefits to our talented local workforce.

Beyond that, I am especially proud to be part of an organization that prioritizes employee volunteerism, community financial health events, and has invested over $25million to low-income Minnesota communities through New Markets Tax Credit equity.

What is the firm’s current footprint?

Today, we have over 40 branches and 100 ATMs throughout the North Star State. Over 830,000 of our retail customers are supported with mortgages, auto loans, savings, checking and credit card accounts. With nearly 600 employees working throughout Minnesota, we pride ourselves in hiring veterans and hard-working individuals who deserve a second chance.

Over the last 5 years, we have provided over $114 billion in credit and capital to 30 government, higher ed, healthcare, and nonprofit clients. As our presence in our commercial banking and private wealth management groups expands, so does our desire to bring in other products, such as workforce and affordable housing construction loans.

We already have a well-seasoned team on the ground that provides multifamily term loan solutions for clients throughout the cycle. As we continue to grow our overall footprint, we continue to expand our affordable housing impact. JPMorganChase constantly renews our commitment to shareholders to uplift the communities where we do business.

What is the current housing landscape in Minn.?

Like many states, Minnesota has a significant need for affordable housing – to the tune of more than 100,000 homes – to meet the needs of extremely low-income renters. We work with established developers who live and work in the Land of 10,000 Lakes, combined with strong support from cities, counties, and the state legislature. The past five years have been especially challenging to grow the housing supply due to COVID, an increase in construction costs, and evolving interest rates.

How did you get into the community development space?

In the wake of the Great Recession, I found myself navigating a pivotal career transition. My background in Commercial Mortgage-Backed Securities was disrupted by the significant reduction in available roles. Seeking new opportunities, I shadowed a professional in the affordable housing field and was immediately drawn to the intricate interplay between public and private institutions. This complexity not only piqued my interest but also highlighted the critical importance of affordable housing in addressing community needs.

Can you share a project that had a large impact on your career?

My decision to remain in the affordable housing sector was solidified by my first project grand opening in a suburb of the Twin Cities. Observing children playing on the newly established green space and hearing their laughter resonate from the playground, I gained a deeper understanding of the meaningful impact this work has on individuals and families.

This experience underscored the significance of contributing to a cause that fosters community development and enhances quality of life. It became clear that my role in affordable housing was not merely a career choice but a commitment to creating lasting change and supporting the aspirations of those seeking a place to call home.

How would you describe the firm’s presence in Minn. over the next 5 years?

We continue to grow within our Minnesota community. We’re looking forward to increasing our support of over 115 local non-profits with over $21 million in recent contributions. Affordable Housing is vital to every community, and together with our developers, we plan to chisel away at the need. We aim to keep Minnesota home to over 5 million Americans and welcome newcomers.