On June 16, JPMorgan Chase announced new steps to help close the housing affordability gap in an effort to advance racial equity and promote inclusivity among homeowners.
According to JPMorgan Chase, these steps are part of their five year, $400 billion philanthropic commitment to improve homeownership opportunities among Black and Latinix households.
Currently, JPMorgan Chase has a three-point strategy aimed at making homeownership among minority communities a more achievable goal. Some of the recommendations that the company will be incorporating include: “Addressing housing stability, affordability, and wealth creation; creating more paths to affordable and sustainable homeownerships; and making data-driven policy recommendations.”
“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,” he added.
JPMorgan Chase is collaborating with the Urban Institute and the Center of Community Investment at the Lincoln Institute of Land Policy to develop innovative, data-driven solutions.
According to the announcement, the COVID-19 pandemic and subsequent economic crisis resulted in a critical need to provide stability among households of color. Renters were also majorly impacted by the pandemic which created housing instability due to loss of income. As a result, JPMorgan Chase declared it will provide philanthropic supports to fund nonprofit foreclosure and renter programs, provide emergency financial assistance to nonprofit providers of affordable housing, and help preserve the affordability of buildings.
“Businesses, community leaders and policymakers need to work together to advance solutions that address housing instability and bring foundational change 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 have previously been locked out of stable, affordable housing.”
More information about JPMorgan Chase’s race equity initiatives can be found at: www.jpmorganchase.com.