JPMorgan Chase Commits $12 Million to Housing Affordability Efforts

Banking company JPMorgan Chase is investing $12 million into five organizations working to improve housing affordability in the Black, Hispanic and Latin communities. About $2.5 million of that money will be invested in Atlanta.

The investment announced Tuesday in Atlanta will come from a larger, five-year program that aims to spend $400 million toward homeownership stability for underserved households.

JPMorgan CEO Jamie Dimon made the announcement Tuesday from Herman J. Russell Center for Innovation and Entrepreneurship (RCIE). {snip}

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John O’Callaghan, Atlanta Neighborhood Development Partnership president and CEO, said the funds will also help them develop more affordable single-family homes, which will in turn create wealth in minority communities.

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JPMorgan is also making a $2 million three-year commitment to the national, California-based Grounded Solutions Network nonprofit. The national nonprofit will use those funds to help distressed homeowners remain in their homes in Atlanta, Chicago, Houston and Minneapolis, according to JPMorgan officials. The nonprofit will also increase technical skills, production rates, and capacity of community land trusts and other nonprofit housing programs with the funds.

The Housing Partnership Network, Center for Community Self-Help, and Parity Homes will also receive millions of dollars from JPMorgan. The Urban Institute plans to work with the banking company to measure the impact of each organization’s work, according to the firm.

JPMorgan is the latest banking giant to invest into affordable housing efforts. Last week, Wells Fargo announced plans to put $1.3 million into an initiative to build 1,000 Atlanta homes on church-owned land.

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Dimon said the pandemic and the Minneapolis police murder of George Floyd showed that minority communities still “pay a much heavier price” across the board to live in America.

He said those events spurred JPMorgan to invest $30 billion into racial equity. {snip}

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