By Businesswire, June 16, 2021
Today, JPMorgan Chase announced new steps to address the housing affordability gap as part of its $30 billion commitment to help advance racial equity and drive an inclusive recovery. By combining its unique set of business, data, policy and philanthropic resources, the firm aims to improve housing affordability and stability as well as homeownership opportunities for Black and Latinx households. This includes:
- Addressing housing stability, affordability and wealth creation: A five-year $400 million philanthropic commitment that includes low-cost loans, equity and grants targeted to nonprofits and organizations in the affordable housing space that work to improve affordability and stability for Black and Latinx households;
- Creating more paths to affordable and sustainable homeownership: New Chase Community Home Lending Advisor role to help more people on the journey to homeownership, and actively engaging with industry partners and regulators to find ways to address gaps in the residential appraisal process;
- Making data-driven policy recommendations: The JPMorgan Chase PolicyCenter will partner with policymakers and community leaders to advance data- and evidence-based solutions to tackle housing challenges.
“We’re trying to address some of the barriers to affordable housing and homeownership to help provide family stability and build generational wealth for Black and Latinx families,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co. “Whether you rent or own your home, more families deserve fair, sustainable and accessible options and businesses have a responsibility to develop housing solutions for those who lack access to opportunity.”
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