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JPMorganChase and UnidosUS Strengthen Partnership to Support Expanded Affordable Homeownership Opportunities in Latino Communities Across the Country

Business Wire 17-Jul-2024 10:00 AM

$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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