Home >> Daily Dose >> JPMorgan Chase Commits $8.4 million of Philanthropic Capital
Print This Post Print This Post

JPMorgan Chase Commits $8.4 million of Philanthropic Capital

As part of a five-year $400 million philanthropic commitment to that includes low-cost loans, equity and grants targeted to nonprofits and organizations in the affordable housing space that work to improve affordability and stability for Black and Latinx households, JPMorgan Chase has announced that $8.6 million of that money will go to six organizations for their role in helping renters and owners during the last year as the COVID-19 pandemic raged. 

Earlier this year, JPMorgan Chase announced new steps to address the housing affordability gap as part of its $30 billion commitment to help advance racial equity and drive an inclusive recovery. By combining its unique set of business, data, policy and philanthropic resources, the firm aims to improve housing affordability and stability as well as homeownership opportunities for Black and Latinx households. 

Research from the JPMorgan Chase Institute shows that about 1-in-4 renters experienced a greater than 10% drop in income during the pandemic, even after accounting for government support, but most did not have forbearance safety net like homeowners, which created economic volatilities for both renter and landlords. 

The funds will be used by the organizations to “design and test innovative models to improve household stability with the goal of expanding successful models across the U.S. This includes eviction prevention support, rental assistance, access to legal services and resources for small landlords.” 

The funds are supporting these organizations: 

Community Justice Project (Miami, FL) 

At least 31% of Florida renters could be at risk of eviction by the end of the year. With JPMorgan Chase’s $1.6 million three-year investment, Community Justice Project (CJP) will implement a community lawyering model supporting grassroots organizations and tenant-led campaigns to help stop evictions and improve conditions for renters. CJP aims to expand this model beyond Miami-Dade to eight other counties across Florida. 

Community Legal Services (Philadelphia, PA) 

During the pandemic, Philadelphia landlords filed to evict 4,500 tenants, disproportionately impacting Black, Latino and Hispanic communities, and the number of filings is expected to significantly increase as COVID-related tenant protections expire. With JPMorgan Chase’s $1.5 million three-year investment, Community Legal Services will expand its program design and build capacity to alter the eviction landscape in Philadelphia by combining the following three initiatives: eviction alternatives, right to counsel and eviction record screening protections. 

The COVID-19 Eviction Defense Project (Colorado) 

At least 25% of renters in Colorado could be at risk of eviction by the end of year. With JPMorgan Chase’s $1.3 million two-year investment, The COVID-19 Eviction Defense Project will support eviction prevention through a strategic model that provides tenants with resources for household stability such as rental assistance, negotiation services, legal services and rehousing placements. 

Equal Justice Works (Richmond, VA) 

Five of the top ten cities with the highest eviction rates in the United States are located in the Commonwealth of Virginia. With JPMorgan Chase’s $1.5 million three-year investment, Equal Justice Works will bring together a group of lawyers and community organizers (‘Fellows’) as part of its Housing Justice Program to increase access to high-quality legal services and tenant resources for low-income Black, Latino and Hispanic households and residents of public housing. Housing Justice Program Fellows will also engage in high impact litigation to support practices that protect the rights of tenants across Virginia. 

Neighborhood Housing Services of Chicago (Chicago, IL) 

In Illinois, 22% of Black renters and 17% of Hispanic and Latino renters are behind on their rent, compared to 9% of white renters. With JPMorgan Chase’s $1 million three-year investment, Neighborhood Housing Services of Chicago (NHS Chicago) will provide rental assistance and counseling to around 675 households. NHS Chicago will also support small-unit landlords through rental and mortgage assistance, housing mediation services, renter relocation grants, post-purchase counseling, financial assessments and foreclosure prevention support. 

Texas Housers (Houston, TX) 

In Texas, more than 800,000 low-income renter households compete for around 244,000 rental units that are affordable and available to them. With JPMorgan Chase’s $1.5 million three-year investment, Texas Housers will provide low-income tenants in Texas with access to resources and advice to help secure rental assistance and long-term affordable housing. This includes helping tenants understand government emergency rental assistance programs and how to protect their homes when facing eviction. The investment will also fund Texas Housers’s work to support and expand a statewide collaboration of tenants and supporters engaged in research and policy discussions to increase the supply of affordable rental housing and secure essential tenant protections at the state and local level. 

About Author: Kyle G. Horst

Kyle Horst
Kyle G. Horst is a reporter for DS News and MReport. A graduate of the University of Texas at Tyler, he has worked for a number of daily, weekly, and monthly publications in South Dakota and Texas. With more than 10 years of experience in community journalism, he has won a number of state, national, and international awards for his writing and photography. He most recently worked as editor of Community Impact Newspaper covering a number of Dallas-Ft. Worth communities on a hyperlocal level. Contact Kyle G. at kyle.horst@thefivestar.com.
x

Check Also

Wells Fargo Donates $40M in Efforts to Grow Diverse Housing Developers

The estimated $175 billion U.S. housing development market is known for high barriers to entry, ...

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.