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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

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:

Today's announcement marks two years into JPMorgan Chase's $400 million five-year commitment to 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:

"Affordable, sustainable homeownership is essential to building strong communities and intergenerational wealth. Businesses, community leaders and policymakers must work together to address housing stability and affordability to fundamentally change the housing market," said Mark O'Donovan, CEO of Chase Home Lending. "We hope these new commitments will provide meaningful impact for people who need it most in the Washington D.C. region, and we'll continue to partner with the public sector to ensure that's the case."

"When residents have safe, stable, and affordable housing, that allows them to focus on all the other aspects of their lives and it creates stronger communities ? that's what these funds will help us do," said D.C. Mayor Muriel Bowser. "We also know that for many families, homeownership is a critical tool for building and passing on wealth, and we are grateful that JPMorgan Chase is partnering with local organizations to help more Washingtonians become homeowners."

Helping to Increase Housing Affordability, Wealth Creation and Sustainable Homeownership across the U.S.

Nationally, the housing crisis has been exacerbated by a shortage of affordable homes for purchase, coupled with high interest rates and increased home prices. This has put sustainable homeownership out of reach for many underserved households.

Two years into the firm's $400 million philanthropic commitment, JPMorgan Chase has deployed loans, equity and grants to 153 organizations to advance housing affordability and stability in underserved communities across the U.S. For example, JPMorgan Chase has committed funds to support innovative models that tackle the barriers to accessing homeownership and the lack of single-family supply, including:

These commitments are part of JPMorgan Chase's Housing Innovation Program. Learn more about these models here.

"Today's commitment is part of our holistic, firmwide approach to combatting the housing crisis," said Tim Berry, Global Head of Corporate Responsibility, JPMorgan Chase "We are combining our unique resources including business, philanthropy, research and policy expertise to help increase access to capital and inventory of sustainable housing opportunities. We are committed to creating tangible solutions that help everyday Americans."

In addition to providing philanthropic capital, the firm is also focused on advancing economic inclusion and increasing homeownership opportunities through its businesses. The bank has taken a local approach in communities that have faced historical barriers to banking to help offer greater access to affordable home loans, low-cost checking accounts, and financial health education workshops.

JPMorgan Chase also advances this work through data-driven policy solutions and research. Last week, the JPMorgan Chase Institute released new research that further highlights the need for community work that promotes homeownership. Learn more here.

Comments on the Importance of Closing the Housing Affordability Gap

"We appreciate JPMorgan Chase's support in our DC Healthy, Green, and Affordable Housing project." stated Priya Jayachandran, CEO of National Housing Trust. "This grant will be instrumental in helping NHT and our partners to identify and implement decarbonization solutions that deliver health and energy benefits for affordable housing residents in D.C. and across the U.S."

"History has shown us that the most effective tool for building assets and creating intergenerational wealth has been homeownership," says Sasha-Gaye Angus, President and CEO, Manna, Inc. "With assistance from JPMorgan Chase, Manna will advance racial equity by implementing supply-based strategies in D.C. and MD for greater access to units, continue its advocacy for homeownership investments, conduct an updated impact study, and host convenings to build pathways for affordable homeownership in the district and surrounding jurisdictions."

"The District's current affordable housing goals require a primary focus on the production and preservation of large-unit buildings. CNHED knew an initiative that complemented the District's response by focusing on smaller-unit buildings would help to provide a more comprehensive approach to addressing the affordable housing crisis," says Stephen Glaude, Coalition for Non-Profit Housing and Economic Development President and CEO. "CNHED is incredibly grateful to JPMorgan Chase for not only recognizing these needs but also providing the much-needed resources to advance the innovative Connecting Capital and Community initiative."

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $303 billion in stockholders' equity as of March 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

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