The banking giant will provide low-cost loans, equity and grants for nonprofits and other groups that work with Black and Latino households on affordability issues.

JPMorgan Chase is undertaking new initiatives aimed at helping close the housing affordability gap for Black and Latino families.

The New York City-based international banking company said it’s committing $400 million toward the five-year philanthropic effort, and will also implement new data-driven business practices and policy recommendations.

Jamie Dimon

“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,” Chairman and CEO Jamie Dimon said in a statement. “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.”

Similar efforts are underway at Bank of America, Citigroup Inc. and other large institutions. Citi expanded mortgage programs that provide help with down payments and closing costs after registering declines in mortgage applications and originations from Black and Latino families during the pandemic.

A report earlier this year from the National Association of Realtors found that Black homeownership rates were at 42 percent, while Latino homeownership was only slightly higher at 48 percent. These numbers lagged far behind white homeownership rates of 70 percent.

The $400 million in new commitments from JPMorgan Chase will go toward low-cost loans, equity and grants for nonprofits and other groups that work with Black and Latino households on issues of home affordability.

These efforts include programs designed to keep renters at risk of eviction in their homes, as well as emergency assistance and liquidity for affordable housing providers and landlords.

In its own business, JPMorgan Chase said it has hired more than 100 people to work as lending advisers in low- to moderate-income neighborhoods. The company plans to expand this team nationwide, it said.

JPMorgan Chase will also recommend a number of public policy changes aimed at promoting affordable options, assisting vulnerable renters and homeowners, and improving access to mortgages for people of color. A full list of these recommendations is available here.

These new measures are part of a $30 billion commitment JP Morgan Chase announced last year to help advance racial equity. To promote affordable housing and homeownership for underserved communities, the company pledged to: 

  • Commit $8 billion to originate an additional 40,000 home purchase loans for Black and Latino households. 
  • Provide $4 billion to help an additional 20,000 Black and Latino households refinance their mortgages to lower their monthly payments 
  • Make $14 billion in loans and equity investments available to finance an additional 100,000 affordable rental units in underserved communities. 

In February, Chase Bank announced it was expanding its Homebuyer Grant program, making grants of up to $5,000 available to qualified buyers in 6,700 communities identified by the Census Bureau as majority Black.

Email Daniel Houston

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription