JPMorgan Chase Commits $10 Million to Support Affordable Housing

COLUMBUS, OHIO — Increasing the number of affordable housing units in Central Ohio is the focus of a new $10 million commitment from JPMorgan Chase to the Affordable Housing Trust (AHT). This long term, low-cost loan will double down on the firm’s investments to power a stronger economy in Ohio by helping scale the supply of multi-family affordable housing units in the region.

In November 2023, AHT announced the creation of the AHT Regional Impact Fund (RIF) formed to expand AHT’s capacity to further its mission in an eight-county region of central Ohio. By leveraging the capital from JPMorgan Chase with the RIF, AHT is positioned to broaden the impact in the region.

Since 2022, JPMorgan Chase has built a relationship with AHT in support of the Emerging Developers Accelerator Program (EDAP). JPMorgan Chase has invested $650,000 into this program which focuses on increasing the number of housing units in central Ohio while creating powerful pathways for underrepresented developers – particularly women and developers of color. The program provides comprehensive technical assistance and access to capital to uplift minority developers and accelerate their business.

 “Central Ohio is on the verge of rapid growth and development. The data tells us that almost half of Ohioans are housing cost-burdened,” said Lark T. Mallory, President and CEO of the Affordable Housing Trust. “We also know that we aren’t building enough units for our current residents let alone the new population expected. It is imperative that we engage housing solutions with a comprehensive and holistic approach. This new investment by JPMorgan Chase symbolizes a shared commitment to confront the housing challenges facing our communities.”  

“Access to affordable housing is key to driving economic opportunity but is out of reach for far too many people,” said Corrine Burger, Columbus Location Leader for JPMorgan Chase. “We are proud to work in partnership with community members, government officials and our employees to strengthen the local economy across Ohio, and this commitment deepens that investment to ensure more residents have access to safe, stable, and affordable housing.”

The region’s population is expected to increase by 1 million, bringing the total population to 3.15 million by 2050. While increased populations lead to increased human capital, innovation and economic growth, it can also further exacerbate existing challenges that residents face, like affordable housing shortages. For instance, in 2017, an estimated 54,000 Franklin County households at-or-near the poverty level, paid more than half of their income for housing.

To keep pace with the projected growth, Central Ohio needs an additional 14K-21K affordable housing units every year, plus the 54K units currently needed to support the population.

The commitment from JPMorgan Chase will provide AHT with the capital needed to help bolster the affordable housing supply in Central Ohio by scaling the supply of multi-family affordable housing solutions and deploying capital across lending programs.

AHT facilitates and invests in developments that prioritize creating and preserving affordable homeownership and rental housing. AHT goes beyond physical structures, aiming to strengthen and stabilize neighborhoods, fostering a sense of community.

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About AHT
The Affordable Housing Trust for Columbus and Franklin County (AHT), established in 2001, is an independent, nonprofit lender that works with the private, nonprofit and public sectors to develop affordable housing opportunities within the City of Columbus and Franklin County. In February 2016, AHT became a certified Community Development Financial Institution (CDFI).

About JPMorgan Chase:
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.