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Philanthropic funding will drive innovative programs increasing access to homeownership
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Chase Home Lending is also announcing expanded eligibility for affordable mortgage lending products
JPMorgan Chase is increasing its housing affordability commitments across the U.S. with expanded philanthropic capital and consumer lending products. At an event today in Washington, DC, the firm announced $20 million in new philanthropic funding to organizations across the United States working to expand homeownership opportunities for underserved communities. The eight organizations will focus on driving change nationally and locally, including in Washington, DC, Denver, CO, Pittsburgh, PA, Twin Cities, MN and Albuquerque, NM.
In addition, the firm also announced an expansion of its homebuyer grant and DreaMaker mortgage programs. Specifically, Chase Home Lending will increase its homebuyer grant from $5,000 to $7,500 in 8,500 neighborhoods across the U.S., which customers can use to lower their interest rate and/or reduce closing costs and down payment for purchases of properties in communities identified by the U.S. Census as majority-Black, Hispanic or Latino. Chase is also removing the current income limit for its 3% down DreaMaker mortgage program in communities where the $5,000 or $7,500 Homebuyer Grant is available—benefitting more than 15,000 communities nationwide.
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“Healthy communities are integral to our business model, and affordable housing opportunities are vital to creating strong communities and building intergenerational wealth,” said Tim Berry, Global Head of Corporate Responsibility, JPMorgan Chase. “The private sector has an important role to play alongside non-profit organizations and policymakers in advancing housing affordability, including increasing access to homeownership. Today’s expanded commitments are part of the firm’s holistic approach to mobilizing resources and expertise to address this issue in Washington, DC and in communities across the country.”
“Chase Home Lending is focused on providing innovative solutions, products and services to help more people to attain, and sustain, homeownership,” said Mark O’Donovan, CEO of Chase Home Lending. “When we work together to address affordable housing challenges, we can go further. Today’s announcement is a great example of how business, philanthropy and local partnerships can join forces to effect change.”
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 education workshops.
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