JPMorganChase and UnidosUS Strengthen Partnership to Support Expanded Affordable Homeownership Opportunities in Latino Communities Across the Country
July 17 2024 - 9:00AM
Business Wire
$6 million philanthropic commitment and joint
policy recommendations will help scale solutions to increase Latino
homeownership
JPMorganChase is leveraging its philanthropic, policy and
business resources to increase affordable homeownership solutions
in Latino communities across the country. Today at the UnidosUS
Annual Conference in Las Vegas, the firm announced a $6 million
philanthropic commitment and joint policy recommendations to
support homebuyer readiness, expanded access to credit, increased
housing supply, and the preservation of Latino homeownership.
Today’s announcement follows a recent expansion of the Chase
homebuyer grant, which increased from $5,000 to $7,500 in
communities nationwide identified by the U.S. Census as
majority-Black, Hispanic or Latino. This includes more than 200
tracts in the Las Vegas local metro area, and will help all
eligible individuals lower their interest rate and/or reduce their
down payment and closing cost when purchasing a home.
"At JPMorganChase, we are deeply committed to addressing housing
access and affordability, particularly within the Latino
community,” said Abi Suarez, Head of Neighborhood Development at
JPMorganChase. “Today's announcement is part of a holistic
strategy to help more individuals take advantage of the benefits of
homeownership. By leveraging philanthropy, policy recommendations,
and business practices, we aim to create pathways to homeownership
that foster financial stability and inclusive economic growth in
underserved communities across the country.”
Supporting UnidosUS HOME Initiative to Increase Latino
Homeownership
While Latino homeownership has risen over the years, nearing 50%
in 2023, significant barriers remain. As of 2023, the Latino
homeownership rate was nearly 25% below homeownership rates for
White households. This creates barriers to homeownership as a key
source of financial stability and transfer of intergenerational
wealth.
Philanthropic funding will support UnidosUS capacity building
and their HOME (Home Ownership Means Equity) initiative, a
national effort to create 4 million new Latino homeowners by
2030. JPMorganChase’s support of the HOME initiative will help
scale solutions for cost-burdened households and ensure equitable
access to homeownership by:
- Creating a state-wide Latino homeownership blueprint in
California by developing a coalition of organizations to
identify barriers to Latino homeownership in California and advance
data-driven solutions with the potential to scale to other
states
- Supporting a first-of-its-kind Latino-focused research
network to inform and promote strategies and policies that
advance access to Latino homeownership
- Facilitating the exchange of best practices and expertise
among a network of Unidos affiliates and practitioners working
to address housing supply, equitable mortgages, and estate planning
through convenings and collaborative assessments
Today’s commitment to UnidosUS is part of JPMorganChase’s
broader commitment to support local and national organizations in
helping underserved individuals throughout their homeownership
journey. To date, the firm has committed more than $20 million to
UnidosUS and its local affiliates over 15 years, while serving on
the UnidosUS Corporate Board of Advisors and sponsoring major
events like the UnidosUS Annual Conference, where policy, industry,
and public sector leaders regularly convene.
The firm has also worked with a number of community-based
organizations across the country that are working to improve
housing affordability and access in Latino communities, including
recently announced winners of the UnidosUS Premio HOME competition.
They include Hacienda Community Development Corporation in
Portland, OR, The Resurrection Project in Chicago, IL,
cdcb (come dream. come build.) in the Rio Grande Valley, TX,
Mission Economic Development Agency in San Francisco, CA,
and East LA Community Corporation in Los Angeles,
CA.
“Public-private partnerships like JPMorganChase’s support for
HOME are critical to expanding Latino homeownership and building
power across our community,” said Laura Arce, Senior Vice
President of Economic Initiatives at UnidosUS. “The firm
combines philanthropic investment with research and advocacy and
helps our organization scale solutions that improve financial
health and make wealth building more accessible.”
Advancing Policy Solutions that Tackle Barriers to
Homeownership
Cross-sector policy change driven by research and data is key to
increasing access to homeownership and advancing a more inclusive
economy. The JPMorganChase PolicyCenter and UnidosUS have released
joint policy recommendations to help ensure Latino communities can
access and benefit from affordable homeownership opportunities,
including:
- Expanding funding to increase affordable housing supply
through the creation of a new, national Neighborhood Homes Tax
Credit to boost the production of single-family homes
- Reducing barriers to homeownership by expanding housing
counseling and down payment assistance programs to relieve
households of burdensome homeownership costs
- Prioritizing affordable and sustainable mortgages by
increasing access to mortgage credit
- Preserving wealth across generations by addressing heirs
property and property undervaluation challenges by increasing
access to estate planning legal services, building customer
awareness, and establishing interventions to support heirs property
owners in suspected cases of appraisal bias
About JPMorganChase
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial
services firm based in the United States of America (“U.S.”), with
operations worldwide. JPMorgan Chase had $4.1 trillion in assets
and $337 billion in stockholders’ equity as of March 31, 2024. The
Firm is a leader in investment banking, financial services for
consumers and small businesses, commercial banking, financial
transaction processing and asset management. Under the J.P. Morgan
and Chase brands, the Firm serves millions of customers in the
U.S., and many of the world’s most prominent corporate,
institutional and government clients globally. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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Gabriela Alba gabriela.alba@jpmchase.com (862) 347 - 1709
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