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JPMorgan Chase Announces new business and philanthropic commitments to help close the housing affordability gap in Washington D.C. and beyond

Published: 2023-06-28 14:32:00 ET
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Elements include more than $7.5 million in philanthropic capital to support housing affordability and the expansion of Chase Home Lending’s $5,000 Homebuyer grant

WASHINGTON--(BUSINESS WIRE)-- On Wednesday, JPMorgan Chase announced new philanthropic and expanded business commitments as part of its firmwide approach to addressing the housing affordability gap. This includes:

  • New philanthropic commitments totaling $7.65 millionto support three nonprofits working to improve housing affordability and stability for underserved households, including Black, Latino, and Hispanic households in Washington D.C.;
  • Expanded Chase Home Lending’s $5,000 Homebuyer grant, a part of its Special Purpose Credit Program (“SPCP”), to include 16 additional markets, including more than 400 majority Black, Hispanic and Latino communities in the Washington D.C. region.

Today’s announcement marks two years into JPMorgan Chase’s $400 million five-year commitmentto improve housing affordability and stability for underserved households. Since 2021, JPMorgan Chase has deployed more than $224 million in low-cost loans, equity investments and grants to 153 organizations across the U.S. to help close the housing affordability gap. This work has helped preserve or create more than 12,500 housing units, serve more than 46,000 households, and leverage an additional $680 million in capital.

The Washington D.C. region’s housing crisis is one of affordability and inventory. According to the Metropolitan Washington Council of Governments, the region needs 320,000 additional units of housing by 2030 to accommodate burgeoning demand. The result is too many people chasing after too few homes. Additionally, according to the U.S. Census Bureau, in Washington D.C., the homeownership rate for Black and Hispanic households is 50% compared to 70% for White households.

New philanthropic commitments support programs that aim to increase the supply of affordable, climate-friendly housing and increase homeownership and wealth for underserved households, including Black, Latino, and Hispanic households in the D.C. region. They include:

  • $4.45 million to Coalition for Non-Profit Housing and Economic Development (CNHED). CNHED will lead a collaborative, that includes National Housing Trust, Medici Road, Housing Counseling Services, LISC DC, Mi Casa, and Douglas Community Land Trust, which aims to increase and preserve the supply of affordable, small buildings (