
JPMorgan Chase, in a continuing effort to increase home ownership across the state, will announce today that it is making a $1.14 million investment to eight nonprofit organizations to help Increase and preserve the state’s affordable housing supply and provide homebuyer and financial health readiness to support people on the path to homeownership.
The investment, which will be announced later this morning, will primarily be targeted to Newark, specifically the Clinton Hill neighborhood, where JP Morgan Chase officials have recognized the need to preserve and rehabilitate two-to-four family homes to unlock wealth creation and increase affordable housing.
JPMorganChase officials will announce that they are providing the following commitments to organizations that help to improve housing access and affordability:
To Clinton Hill Community Action, which is providing estate planning workshops and preservation and wealth transfer programs for local senior citizens in Newark’s Clinton Hill neighborhood. In partnership with Greater Newark LISC, the organization is providing forgivable home repair micro grants to local landlords, encouraging them to rent units to families and individuals seeking affordable housing opportunities.
To Invest Newark, which will construct and rehabilitate 25 affordable single-family homes that will be sold to Housing Choice Voucher holders throughout Clinton Hill. The program will help to increase homeownership opportunities for this rental population, create 15 construction jobs and generate approximately $5,000 in annual taxes for the City of Newark.
To the New Jersey Citizen Action Education Fund, which is developing and implementing an outreach program to convene community leaders, landlords and key stakeholders to increase access to multi-family home ownership opportunities. The organization will also promote homebuyer readiness resources, including housing counseling, financial coaching services, down payment assistance programs and legal services.
Marco Villegas, vice president of global philanthropy in New Jersey at JP Morgan, said the investments are part of the firm’s efforts to power a stronger economy in New Jersey through its philanthropic investments, community engagement and market presence. The bank has more than 12,000 employees and nearly 200 branches across the state.
“At JPMorganChase, we are deeply committed to addressing housing access and affordability and working with nonprofit organizations that are anchored in the community to unlock critical wealth building opportunities,” he said.
“Today’s announcement is part of a holistic strategy to leverage philanthropy, policy recommendations, and business practices to foster greater financial stability and inclusive economic growth across the state.”
The announcement also will include support for organizations focused on economic mobility and housing affordability including financial coaching, credit building, microgrants for weatherization projects, energy bill assistance and support for Black, Indigenous, People of Color (BIPOC) non-profit community developers.
The organizations include the Housing and Community Development Network of New Jersey, Housing Partnership for Morris County, the New Jersey Institute for Social Justice, Urban League of Essex County and the United Community Corporation. These organizations work to revitalize neighborhoods across the state and reduce barriers to homeownership for individuals and families.
Leila Amirhamzeh, the director of community reinvestment at New Jersey Citizen Action, said the investment will have great impact.
“Homeownership, and the ability to build wealth as a small landlord, are some of the most viable ways for families to gain a foothold in the middle class, but too many New Jerseyans face significant barriers to these opportunities,” she said.
“Thanks to JPMorganChase and other key partners, our New Jersey Housing Security Project can address these barriers by equipping aspiring and current landlords in north Jersey with the tools, knowledge, and confidence to take advantage of multifamily homeownership opportunities, understand the dynamics of managing their rental units effectively, profitably, and in a manner that helps build strong communities.”