Firm-wide efforts aim to improve housing affordability and stability for underserved households
JPMorgan Chase has committed another $12 million to five organizations working to increase the supply of affordable housing and homeownership, particularly in Black, Hispanic, and Latino communities.
The philanthropic capital is part of the firm’s $400 million five-year commitment to addressing the housing affordability gap by using its business, data, policy and philanthropic resources. According to a release, the organizations that will receive the philanthropic money include:
- Atlanta Neighborhood Development Partnership ($2.5 million)
- Center for Community Self-Help ($2.5 million)
- Promoting increased diversity in the appraisal industry; ($2 million)
- Grounded Solutions Network ($2.5 million)
- The Housing Partnership Network ($3 million)
- Parity Homes ($2 million)
“Owning a home is a key factor to providing family stability and building generational wealth, but out of reach for far too many people, especially Black, Latino and Hispanic households,” said Abigail Suarez, head of neighborhood development at JPMorgan Chase. “Today’s announcement will help address current barriers to homeownership and allow more families access to wealth-building opportunities.”
Read more: JPMorgan Chase pledges $8.4 million to make housing more affordable
“Innovation and scale are desperately needed to address the growing race-based homeownership gap and resulting wealth disparity,” said John O’Callaghan, president and CEO of Atlanta Neighborhood Development Partnership. “This support from JPMorgan Chase will enable us to grow our model, deploy more capital through small, undercapitalized Black-owned real estate companies, and develop homes that provide affordable housing and generate critical wealth for families.”
“I am proud of Urban’s work with JPMorgan Chase to identify, assess, and expand these solutions,” Urban Institute president Sarah Rosen Wartell said. “I look forward to supporting the grantees as they advance innovations to address the nation’s housing affordability crisis and overcome homeownership barriers that have stifled opportunity for households of color.”
