Thursday, June 17, 2021
In a press release issued yesterday, June 16, JPMorgan Chase announced new steps to addressing the housing affordability gap as part of its $30 billion commitment to help advance racial equity and drive an inclusive recovery. To that end, Chase will work with the Urban Institute to identify, test, and scale innovative affordable housing solutions and collaborate with the Center for Community Investment at the Lincoln Institute of Land Policy to address the affordability of existing homes and expand community ownership models in Chicago, Los Angeles, Miami, New Orleans, Seattle, and Washington, D.C. In addition, in response to the economic crisis resulting from the COVID-19 pandemic, the firm will assist nonprofits that fund foreclosure and eviction programs, provide liquidity to nonprofit providers that offer affordable housing as well as to landlords facing their own financial strains, and advance housing preservation models to maintain existing affordable units.
Along with its financial commitment, JPMorgan Chase will work to establish new paths to affordable and sustainable homeownership opportunities including product expansion and policy reform, and partner with policy makers and community leaders to advance data- and evidence-based solutions to tackle housing challenges.
The press release quotes JPMorgan Chase Chairman and CEO, Jamie Dimon, as saying: “We’re trying to address some of the barriers to affordable housing and homeownership to help provide family stability and build generational wealth for Black and Latinx families. Whether you rent or own your home, more families deserve fair, sustainable and accessible options and businesses have a responsibility to develop housing solutions for those who lack access to opportunity.”
The firm's view of and commitment to this undertaking are well articulated by Heather Higginbottom, President, JPMorgan Chase PolicyCenter and Co-Head of Global Philanthropy: “Businesses, community leaders and policymakers need to work together to advance solutions that address housing instability and bring foundational change to the housing market. These data-driven policy reforms will help families across the country who have previously been locked out of stable, affordable housing.”
Prof. Vaughn E. James, Texas Tech University School of Law