JPMorganChase has expanded its American Dream Initiative, pledging $750 billion over the next 10 years to affordable housing, homeownership opportunities, and housing policy and advocacy research. The 12-figure budget represents a 40 percent increase from the first phase of the initiative and will fund 1 million housing units and 500,000 homebuyers.
Michelle Herrick | Credit: LinkedIn
“An affordable and resilient housing market is essential to driving economic growth and increasing opportunity,” Michelle Herrick, head of commercial real estate for J.P. Morgan, said in a press release on Tuesday. “We’re focused on helping more people access quality housing they can afford—and we’re working across the real estate community, local governments, and nonprofits to scale housing solutions throughout the U.S.”
The fund will support three primary goals:
- Expanding affordable housing financing options for developers, owners, non-profits and governments. JPMorganChase said it will finance — through debt, equity or grants — the development or preservation of 1 million mid-tier and workforce units for households earning 120 percent of the area median income (AMI). The U.S. Department of Housing and Urban Development (HUD) calculates AMI.
- Increasing homeownership opportunities for 500,000 customers, including 200,000 first-time homebuyers. JPMorganChase said it will hire 850 new Home Lending Advisors, allowing the bank to increase its origination volume by more than 40 percent. The bank said it’s also considering launching loan options for modular and manufactured homes, and plans to support more down payment assistance organizations.
- Advancing data-based policy and advocacy research through its JPMorganChase PolicyCenter and Institute. The firm said it supports the 21st Century ROAD to Housing Act, the Accelerating Home Building Act, the Housing Supply Expansion Act, and the Helping More Families Save Act, and has joined the U.S. Chamber of Commerce’s new Housing Advisory Council.
Sean Grzebin | Credit: LinkedIn
“Homeownership has always been at the heart of the American Dream. Owning a home can transform lives — providing stability, helping families build wealth and creating a sense of community,” Chase Home Lending CEO Sean Grzebin said in an announcement. “Our goal is to make the path to homeownership clearer and more accessible for more people, wherever they are in their financial journey.”
Alongside its broader housing blueprint, JPMorganChase said it’s also dedicated to creating market-specific solutions.
The firm has pledged more than $220 million toward affordable housing projects in San Francisco, extending its work with groups such as the Urban Land Institute (ULI) Foundation, FifthSpace, the San Francisco Housing Accelerator Fund, The Housing Action Coalition, Housing California and others.
“JPMorganChase has a decades-long history of supporting San Francisco’s housing ecosystem—working with developers, community organizations, and local government to help bring more housing to market,” said Noah Wintroub, Global Chair, J.P. Morgan, in a release. “Through the American Dream Initiative, we’re ready to do even more. With the right public policies in place, the firm can provide more capital for housing, scaling solutions that help expand supply and affordability.”
JPMorganChase has been increasing its influence in the affordable housing space, investing $1 billion in a single-family built-for-rent venture. The investment came shortly after the firm launched a rental property management platform, Story, in 2022. However, Story was short-lived, with the platform shutting down in late 2025.
