JPMorgan Chase unveils $40M in philanthropic funding for housing
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JPMorgan Chase on Wednesday announced more than $40 million in philanthropic funding to increase America's housing supply, including more than $20 million in grants and $20 million in flexible loans.
Why it matters: The funds will support innovative financing and construction models to expand and preserve housing, as well as home improvement loans for low- and moderate-income families.
Zoom out: Tim Berry — JPMorgan Chase's global head of corporate responsibility and chair of the Mid-Atlantic Region — said in the announcement that housing "is at the root of local economic growth and homeownership is key to building generational wealth."
- "For communities to thrive, people must have a safe, stable place
to call home," Berry said. "[W]e're helping to break down barriers to housing production by advancing practical, community-driven solutions." - JPMorgan Chase also announced it has extended more than $5 billion in debt and equity for affordable housing through the firm's commercial real estate and tax-oriented Investment businesses, which is expected to create and preserve nearly 39,000 affordable housing units across the U.S.
Zoom in: Among JPMorgan Chase's local grants, an Atlanta organization that works to keep residents in their homes within the Sweet Auburn Historic District, a Black neighborhood where the Rev. Dr. Martin Luther King Jr. was born, will receive $1.7 million, Axios Atlanta's Kristal Dixon writes.
- The money will help the group, Historic District Development Corporation, "accelerate the construction and sale of affordable homes" for low and moderate-income Atlanta residents, the bank said.
- The grant aims to empower renters in Atlanta's Southside, downtown and Westside to become homeowners.
Go deeper: First-time homebuyers are older than ever
