JPMorgan Chase Commits $7.45 million to help close the housing affordability gap in South Florida and beyond
Solar and Energy Loan Fund and Miami Homes For All to receive philanthropic commitments to improve access and supply of climate resilient, affordable housing
December 9, 2022 (MIAMI)—JPMorgan Chase announced two nonprofit organizations, Miami Homes For All and Solar and Energy Loan Fund (SELF), will receive philanthropic capital totaling more than $7 million to help increase the supply of climate resilient, affordable housing:
- Miami Homes For All will receive $4.45 million to increase the supply of affordable, climate resilient housing by working with Black, Latino and Hispanic developers and property owners to advance the production and preservation of small-scale multifamily housing (<50 units).
- SELF will receive $3 million to increase the supply of affordable, climate resilient housing by scaling their SAGE HOMES program for Black, Latino and Hispanic developers and property owners. SELF will also scale its green home improvement program for low and moderate-income homeowners.
"Miami Homes For All and our partners are thrilled at the opportunity JPMorgan Chase has provided to innovate new affordable housing models with Black and Hispanic developers and property owners,” says Annie Lord, Executive Director of Miami Homes For All. “This grant gives us a chance to address displacement from lower-income neighborhoods, co-developing solutions with the residents of those neighborhoods. It will also inform policies that can pave the way for more affordable housing throughout our county long-term."
“SELF is honored to have been awarded this investment from JPMorgan Chase, which will support the inclusion of developers and landlords of color in the creation of climate resilient, affordable housing,” says Duanne Andrade, SELF Chief Strategic and Financial Officer, “Our goal is to support projects led by community members for community members. We are excited to begin this work in South Florida, with the goal of scaling our model across the Southeast.”
Today’s announcement is part of JPMorgan Chase’s $400 million, five-year commitment to improve housing affordability and stability for households of color and reflects the firm’s strategy to combat the housing crisis. Miami Homes For All and partners aim to strengthen collaboration between nonprofit, private and public resources across the Miami-Dade County housing system to increase affordable housing supply, and SELF is focused on proving that innovative financing for climate-friendly housing can be successfully scaled and replicated across the country.
“Innovation, sustainability and scalability are desperately needed in affordable housing, which is critical for inclusive growth in communities and economies,” said Abigail Suarez, Head of Neighborhood Development for JPMorgan Chase. “The goal of these commitments is to create more housing, but also to develop repeatable and expandable housing solutions that can meet the needs now and to come in Miami-Dade and communities throughout the country.”
The United States is experiencing a housing shortage of nearly 3.8 million units nationwide, which disproportionately affects low-income Black, Hispanic and Latino households.1 The housing crisis is further exacerbated by climate change, with extreme weather affecting about 1 in every 10 homes in the United States in 2021.2 In Florida in particular, the pandemic and the devastating impact of climate related events, including Hurricane Ian, have worsened the affordable housing crisis for low and middle-income residents, especially renters of color.3
“Miami-Dade County has seen tremendous growth over the past two years, welcoming historic investment and rapid development. As our County continues to grow, we must ensure that we’re building a Miami-Dade that works for everyone, and that starts with housing,” said Daniella Levine Cava, Miami-Dade County Mayor. “With this commitment from JPMorgan Chase, we’ll both increase our supply of climate-resilient, affordable housing and support the innovative developers and thoughtful landlords who are looking to invest in their own neighborhoods."
SELF and Miami Homes For All are members of Miami-Dade County Mayor Daniella Levine Cava’s Building Blocks Fund, which connects developers with various sources of flexible capital for the creation and preservation of affordable housing.
Today’s announcement is part of JPMorgan Chase’s $30 billion commitment to advance racial equity and drive an inclusive economic recovery that was announced in October 2020. To learn more about how JPMorgan Chase is working to bridge the racial wealth gap, visit www.jpmorganchase.com/racialequity.
More about Miami Homes For All
Miami Homes For All will work in partnership with Miami Workers Center, The Allapattah Collaborative CDC, Office of the Mayor to provide developers and property owners with catalytic capital, and funding. This work is part of the Connecting Capital and Community initiative, with Center for Community Investment, aimed at advancing equitable housing solutions.
More about SELF
SELF is a green Community Development Financial Institution (CDFI) with a 12-year history of providing accessible financing to increase the supply of homes that are affordable, healthy, and sustainable. With this philanthropic commitment, SELF also aims to help Black, Latino, and Hispanic homeowners access financing for resilient home improvement based on their ability to repay, rather than on credit scores. SELF is scaling this equitable financing model through a virtual lending platform which allows other organizations to quickly adopt and deploy the product in their region. SELF will also provide capital and training to landlords, developers, and contractors of color to increase the retrofitting and creation of green, affordable housing. JPMorgan Chase will work with the Urban Institute to support SELF execute their strategy and share insights.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com