JPMorgan Chase Pledges to Make Housing Affordable for Black and Latin Households
The company aims to improve housing affordability and stability, as well as homeownership opportunities for black and Latin households through a number of initiatives, including:
- Address housing stability, affordability and wealth creation through a five-year, $ 400 million philanthropic commitment that includes low-cost loans, equity and grants targeting nonprofits and organizations in the area of affordable housing that work to improve affordability and stability for Black Households and Latinx.
- Create more pathways to affordable and sustainable homeownership through the Chase Community Home Lending Advisor program to help more people on the path to homeownership, and collaborate with industry partners and regulators to find ways fill gaps in the residential assessment process.
- the JPMorgan Chase Policy Center will partner with policy makers and community leaders to advance data and evidence-based solutions to address housing challenges.
“We are trying to overcome some of the barriers to affordable housing and home ownership to help ensure family stability and build generational wealth for black and Latin families,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “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 without access to opportunities. “
JPMorgan Chase’s philanthropic commitment will help tackle the housing crisis for black and Latin households by:
- Work with the Urban Institute identify, test and scale innovative affordable housing solutions, such as eviction prevention programs and ways to fill assessment gaps, to better serve Black and Latin households;
- Collaborate with the Lincoln Institute of Land Policy Community Investment Center advancing solutions such as preserving the affordability of existing homes and expanding community ownership models in Chicago; Washington DC; Los Angeles; Miami; New Orleans; and Seattle.
- Provide philanthropic support to nonprofit organizations that fund foreclosure and eviction programs such as emergency financial assistance, rental repayment plans, and negotiation support.
- Provide liquidity, including emergency financial assistance, to nonprofit affordable housing providers and small homeowners facing their own financial difficulties.
- Advance effective models of housing preservation to maintain existing affordable units, for example by protecting small buildings at risk of losing their affordability.
“This announcement underscores JPMorgan Chase’s understanding of systemic inequity issues and its commitment to advancing economic justice. The impact of the COVID-19 pandemic is being felt in waves, and we are on the brink of a crisis in the world. affordable housing even deeper than what currently exists, “said Marla Bilonick, National Association of Latino Community Asset Builders (NALCAB) President and CEO. “NALCAB is pleased to work with our member organizations to provide emergency financial assistance to ensure that 2,000 Latin American families can stay in their homes. Nothing could be more critical to the recovery than securing stable housing and JPMorgan Chase has once again risen to the occasion. “
Chase is expanding its traditional network of mortgage advisors to include a new position called “Community Mortgage Advisor,” designed to be located in minority and low to moderate income communities. These people are experts in local housing and down payment assistance programs. To date, Chase has hired over 100 community loan counselors nationwide and will continue to grow.
To overcome two of the biggest hurdles to affordable loans, Chase expanded its homebuyer’s grant program to $ 5,500 to help more customers pay closing costs and down payment assistance when buying home. ‘a home in over 6,700 minority communities nationwide.
JPMorgan Chase provides mentors for interns in the Rater Diversity Pipeline Initiative, a program run by the Assessment institute and Fannie Mae, designed to attract new people to the field, helps interns overcome common barriers to entry and fosters diversity.
“Businesses, community leaders and policy makers must work together to deliver solutions that address housing instability and make fundamental changes to the housing market,” said Heather higginbottom, President, JPMorgan Chase Policy Center and Co-Head of Global Philanthropy. “These data-driven policy reforms will help families across the country who were previously excluded from stable and affordable housing.”
Click here to learn more about what JPMorgan Chase is doing to increase housing affordability.