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The firm has pledged $400 million in a philanthropic commitment that includes providing low-cost loans, equity, and grants to non-profits and organizations that work to improve affordability and stability for Black and Latinx households.
After tackling housing stability and wealth creation, Chase’s next step is to create more paths to affordable and sustainable homeownership. The company’s home lending business plans to hire more people in minority and low-to-moderate income communities, creating a new job called “Community Home Lending Advisor.” These individuals are experts in local housing and down payment assistance programs.
Chase will also expand its Homebuyer Grant program to $5,500 and participate in policy reforms to address gaps in the residential appraisal process.
“We’re taking a comprehensive approach to address what is a very complex challenge in this country,” said Mark O’Donovan, CEO of Chase Home Lending. “We are hoping to see meaningful impact for the people who need it most and will continue partnering with the public sector – at the federal, state and local levels – to ensure that’s the case.”