JPMorgan Chase pledges $8.4 million to make housing more affordable

“Access to safe, affordable housing is key to building wealth but out of reach for far too many families”

JPMorgan Chase pledges $8.4 million to make housing more affordable

JPMorgan Chase has committed $8.4 million to six organizations across the US to help improve housing affordability and stability for minority and underserved households.

The bank said that the philanthropic capital is part of its $400 million five-year commitment to “advance racial equity and help drive an inclusive recovery.”

“Access to safe, affordable housing is key to building wealth but out of reach for far too many families,” said Heather Higginbottom, president of JPMorgan Chase PolicyCenter and co-head of global philanthropy. “Today’s announcement will help promote immediate housing stability for underserved households and is one step toward our goal of addressing barriers to affordable housing and homeownership, especially for Black, Latino and Hispanic families.”

Read more: JPMorgan Chase outlines housing affordability initiatives

Six organizations will benefit, including Community Justice Project (Miami, FL), Community Legal Services (Philadelphia, PA), The COVID-19 Eviction Defense Project (Colorado), Equal Justice Works (Richmond, VA), Texas Housers (Houston, TX) and Neighborhood Housing Services of Chicago (Chicago, IL).

The organizations intend to use the capital to design and test innovative models – such as eviction prevention support, rental assistance, access to legal services, and resources for small landlords – to improve household stability.

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