NEW YORK CITY — JPMorganChase has announced it will deploy $750 billion to support affordable housing production through 2035. Called the American Dream Initiative, the $750 billion commitment will serve both renters and homebuyers and represents a 40 percent increase in housing funding compared with the past decade.
The plan calls for increased capital deployed through available tools such as debt, equity and grants to build or preserve housing supply. JPMorganChase will partner with developers, owners, nonprofits and governments to back 1,000,000 rental units affordable to households earning no more than 120 percent of area median income.
American Dream also aims to support homeownership opportunities by increasing mortgage lending by more than 40 percent, hiring 850 new home lending advisors, introducing new digital tools and evaluating cost-saving construction options such as modular and manufactured homes as possible new loan product offerings.
The plan also calls for policy research and evaluation to determine where future investment will have the greatest impact on increasing housing supply.