Press Releases

April 8, 2024 (WASHINGTON, DC) – JPMorgan Chase is increasing its housing affordability commitments across the U.S. with expanded philanthropic capital and consumer lending products.  At an event today in Washington, DC, the firm announced $20 million in new philanthropic funding to organizations across the United States working to expand homeownership opportunities for underserved communities. The eight organizations will focus on driving change nationally and locally, including in Washington, DC, Denver, CO, Pittsburgh, PA, Twin Cities, MN and Albuquerque, NM.

In addition, the firm also announced an expansion of its homebuyer grant and DreaMaker mortgage programs.  Specifically, Chase Home Lending will increase its homebuyer grant from $5,000 to $7,500 in 8,500 neighborhoods across the U.S., which customers can use to lower their interest rate and/or reduce closing costs and down payment for purchases of properties in communities identified by the U.S. Census as majority-Black, Hispanic or Latino.  Chase is also removing the current income limit for its 3% down DreaMaker mortgage program in communities where the $5,000 or $7,500 Homebuyer Grant is available — benefitting more than 15,000 communities nationwide.

“Healthy communities are integral to our business model, and affordable housing opportunities are vital to creating strong communities and building intergenerational wealth,” said Tim Berry, Global Head of Corporate Responsibility, JPMorgan Chase. “The private sector has an important role to play alongside non-profit organizations and policymakers in advancing housing affordability, including increasing access to homeownership. Today’s expanded commitments are part of the firm’s holistic approach to mobilizing resources and expertise to address this issue in Washington, DC and in communities across the country.”

“Chase Home Lending is focused on providing innovative solutions, products and services to help more people to attain, and sustain, homeownership,” said Mark O’Donovan, CEO of Chase Home Lending. “When we work together to address affordable housing challenges, we can go further. Today’s announcement is a great example of how business, philanthropy and local partnerships can join forces to effect change.”

The firm is also focused on advancing economic inclusion and increasing homeownership opportunities through its businesses. The bank has taken a local approach in communities that have faced historical barriers to banking to help offer greater access to affordable home loans, low-cost checking accounts, and financial education workshops.

The Challenge

Homeownership is a proven source of wealth building; however, underserved communities face persistent challenges in obtaining and maintaining their homes. In nearly every state, people of color are less likely to own homes compared to white households. For example, in Washington, DC the estimated 82,000 residents— 12% of the city’s population—that do not have stable housing are overwhelmingly Black, Hispanic or Latino households.

As part of JPMorgan Chase’s strategy to combat the housing affordability crisis, the firm is supporting organizations advancing innovative homeownership financing and wealth building models that can be successfully scaled throughout the country. By working with organizations on the local and national levels, the firm aims to help support underserved individuals throughout their homeownership journey, whether they be first time homebuyers or current homeowners.

Delivering Impact with Organizations in Washington, DC and Across the Country

Today’s philanthropic announcement builds on JPMorgan Chase’s $400 million five-year commitment to improve housing affordability and stability for underserved households. To date, this support has helped organizations serve more than 157,000 households, including stabilizing 59,000 households through eviction or foreclosure prevention models, helped preserve or create more than 14,500 affordable housing units, and allowed nonprofit organizations to leverage $1.8 billion in additional capital.

One of today’s grantees, Washington, D.C.-based City First Enterprises (CFE), was awarded $3 million to support their efforts to help eligible Black and Latino first-time homebuyers with down payment and closing costs assistance in Washington, D.C. and select counties in Maryland. Through its subsidiary Homes by CFE, a Community Development Financial Institution (CDFI) mortgage lender, CFE supports first-time borrowers with funds to lower their out-of-pocket expenses associated with buying a home. Downpayment and closing costs represent the most significant barrier to homeownership, especially in communities of color. This innovative new program bridges the homeownership gap by offering up to 20% of the home’s purchase price for down payment assistance and additional closing cost support for income-qualified borrowers. Chase is one of Homes by CFE’s first trust lending partners, and to-date has provided affordable mortgages to seven borrowers who have leveraged the Chase homebuyer grant, Chase DreaMaker product, and Homes by CFE’s down payment assistance to successfully buy their first homes.  

“Everyone knows that homeownership is one of the key engines that powers social mobility and wealth building over generations; it just hasn’t been accessible to all of us,” said Oswaldo Acosta, CEO of City First Enterprises. “We launched Homes by CFE to demonstrate that with equitable access to flexible capital, borrowers who were previously locked out of owning a home can bridge this gap. Given how homeownership works in this country, it’s crucial to have private-sector partners like JPMorgan Chase helping to lead the way forward on this innovative model.”

“We know that for many families, homeownership is a critical tool for building and passing on wealth,” said Nina Albert, DC’s Deputy Mayor for Planning and Economic Development. “We’re grateful that through JPMorgan Chase’s partnership with local DC organizations, we can build on Mayor Bowser’s housing investments and help more District residents become homeowners.”

Along with Homes by CFE, today’s announcement will enable the following organizations to support families throughout their homeownership journey, addressing elements such as homebuyer readiness, equitable financing, and homeowner stability:

  • Homewise – Albuquerque, New Mexico ($1M): Homewise will pilot a new credit builder loan product with matched savings as a model for overcoming key barriers to homeownership. Lessons learned from this pilot will contribute to industry-wide learnings about how to set up consumers for homeownership through credit building, savings, and financial coaching.
  • Build Wealth MN – Twin Cities, Minnesota ($3M): Build Wealth MN will expand access to homebuyer education, affordable mortgage and downpayment assistance, and a matched savings account for cost-burdened Black households in the Twin Cities, utilizing an SPCP adopted pursuant to federal fair lending law.
  • Impact Charitable – Denver, Colorado ($3M): In support of the Dearfield Fund for Black Wealth, Impact Charitable will help scale an equitable financing model which provides down payment assistance in the form of shared equity, along with wraparound services, for first-time Black homebuyers through an SPCP adopted pursuant to federal fair lending law.
  • Catapult Greater Pittsburgh- Pittsburgh, Pennsylvania ($3M): Catapult Greater Pittsburgh will work to support homeowners to protect their equity and preserve generational wealth through title clearance, home repairs, and estate planning. Catapult will also work with partners to increase affordable housing inventory through land acquisition and property rehab.
  • Compass Working Capital – National focus ($3M): Compass will work to expand the reach of the Family Self-Sufficiency (FSS) program, a federal program to help families living in HUD-assisted housing to increase their savings and earning simultaneously, by scaling direct service and technical assistance and testing innovation in program administration. 
  • Economic Architecture – National focus ($1M): Economic Architecture will design and pilot a first-of-its-kind liquidity insurance project to help cost-burdened homeowners cover mortgage payments in the face of income or expense shocks.
  • UnidosUS – National focus ($3M): UnidosUS, the nation’s largest Hispanic civil rights and advocacy organization, will advance a national campaign for Latino homeownership that includes supporting research to inform strategies and policies, galvanizing cross-sector collaboration, and piloting a Latino homeownership blueprint in California.

JPMorgan Chase has also been working with The Urban Institute to support these grantees by measuring impact and sharing insights with the housing industry to advance housing stability and affordability for Black, Hispanic, Latino and other underserved households. Additionally, to support the financial health of consumers as part of this program and beyond, the firm is working with behavioral design nonprofit ideas42 to help consumers better protect and improve their credit, including preparing families for homeownership.

Advancing Policy Solutions to Increase Homeownership

JPMorgan Chase also advances this work through data-driven policy solutions and research. Last year, the JPMorgan Chase PolicyCenter released a policy brief outlining pathways to advancing affordable, sustainable homeownership as well as insights into how untangling titles for heirs property homeowners can support generational wealth building.


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 $3.9 trillion in assets and $328 billion in stockholders’ equity as of December 31, 2023. 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