The bank will invest the capital through its American Dream Initiative, an economic mobility program launched this year that also aims to boost housing access.<\/p>\n\n\n\n
The commitment to housing investment is one pillar of JPMorgan\u2019s \u201cAmerican Dream Initiative<\/a>,\u201d a 10-year initiative launched in March that also aims to ramp up small-business banking, support healthcare affordability and focus on high-growth geographical areas. <\/p>\n\n\n\n In Monday\u2019s release, Michelle Herrick, JPMorgan\u2019s head of commercial real estate, said \u201can affordable and resilient housing market is essential to driving economic growth and increasing opportunity,\u201d and the bank is looking to scale housing solutions across the country.<\/p>\n\n\n\n Beyond financing affordable housing units, JPMorgan will work with housing developers, owners, nonprofits and governments to expand housing financing, the bank said, adding that it will count affordable housing units as those that are less than 120% of the area median income.<\/p>\n\n\n\n The bank said it will use the JPMorgan Chase PolicyCenter and Institute to advance and advocate for policies that increase housing supply, expand access to homeownership and advance \u201ctailored, local solutions.\u201d JPMorgan will become chair of the U.S. Chamber of Commerce\u2019s new Housing Advisory Council<\/a>. The bank said it will also look to support the implementation of the recently enacted housing bill, the 21st Century ROAD to Housing Act<\/a>.<\/p>\n\n\n\n \u201cOwning a home can transform lives \u2013 providing stability, helping families build wealth, and creating a sense of community,\u201d Chase Home Lending CEO Sean Grzebin said in Monday\u2019s release. \u201cOur goal is to make the path to homeownership clearer and more accessible for more people, wherever they are in their financial journey.\u201d<\/p>\n\n\n\n JPMorgan is making a number of investments in affordable housing in California\u2019s San Francisco Bay Area. The bank said it will provide almost $200 million to finance a 342-unit residential building, invest up to $15 million in equity financing in an \u201cessential housing fund\u201d from real estate company Fifth Space, and provide $6 million in new grants to local housing and urban development nonprofits, according to the release.<\/p>\n\n\n\n Fifth Space CEO Enrique Landa said the partnership with JPMorgan \u2013 and local nonprofit Crankstart \u2013 \u201cbrings together the capital and expertise to deliver workforce housing at the scale and speed this moment demands.\u201d<\/p>\n\n\n\n \u201cSan Francisco\u2019s housing crisis is real,\u201d Landa said in the release. \u201cWe can keep debating it, or we can build.\u201d<\/p>\n\n\n\n