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M R EP O RT | 43 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST ORIGINATION THE LATEST ORIGINATION A Commitment to Housing Affordability for Black and Latinx Households JPMorgan Chase is seeking to promote housing stability, and improve homeownership opportunities. J PMorgan Chase has taken new steps to address the housing affordability gap as part of its $30 billion com- mitment to help advance racial equity and drive an inclusive recovery. The firm aims to improve housing affordability and stabil- ity, as well as homeownership opportunities for Black and Latinx households through several initia- tives, including: • Addressing housing stability, af- fordability, and wealth creation via a five-year, $400 million philanthropic commitment that includes low-cost loans, equity, and grants targeted to non- profits and organizations in the affordable housing space that work to improve affordability and stability for Black and Latinx households. • Creating more paths to afford- able and sustainable home- ownership through the Chase Community Home Lending Advisor program to help more people on the journey to home- ownership and engaging with industry partners and regula- tors to find ways to address gaps in the residential appraisal process. • The JPMorgan Chase Policy Center will partner with policymakers and community leaders to advance data- and evidence-based solutions to tackle housing challenges. "We're trying to address some of the barriers to affordable hous- ing and homeownership to help provide family stability and build generational wealth for Black and Latinx families," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. "Whether you rent or own your home, more families deserve fair, sustainable and accessible options and busi- nesses have a responsibility to de- velop housing solutions for those who lack access to opportunity." JPMorgan Chase's philanthropic commitment will help tackle the housing crisis for Black and Latinx households by: • Working with the Urban Institute to identify, test and scale innovative affordable housing solutions, such as evic- tion prevention programs and ways to address appraisal gaps, to better serve Black and Latinx households; • Collaborating with the Center for Community Investment at the Lincoln Institute of Land Policy to advance solutions such as preserving affordability of existing homes and expanding community ownership models in Chicago; Washington, D.C.; Los Angeles; Miami; New Orleans; and Seattle. • Provide philanthropic support to non-profits that fund fore- closure and eviction programs such as emergency financial assistance, rental repayment plans, and negotiation support. • Provide liquidity—including emergency financial assistance— to non-profit providers of affordable housing and to small landlords facing their own financial strains. • Advance effective housing pres- ervation models to maintain existing affordable units, such as protecting small buildings at risk of losing affordability. "This announcement under- scores JPMorgan Chase's under- standing of systemic issues of inequity and their commitment to driving economic justice. The impact of the COVID-19 pan- demic is being felt in waves, and we are on the brink of an even deeper affordable housing crisis than currently exists," said Marla Bilonick, National Association for Latino Community Asset Builders (NALCAB) President and CEO. "NALCAB is pleased to work with our member organizations to provide emergency financial assis- tance to ensure that 2,000 Latino families are able to stay in their homes. Nothing could be more critical to recovery than ensur- ing stable housing and JPMorgan Chase has risen to the occasion, once again." Chase is expanding its tra- ditional home lending advi- sor network to include a new job called "Community Home Lending Advisor," designed to be located in minority and low-to- moderate income communities. These individuals are experts in local housing and down pay- ment assistance programs. To date, Chase has hired more than 100 Community Home Lending Advisors nationwide and will continue to expand. To address two of the biggest barriers to affordable lend- ing, Chase has expanded its Homebuyer Grant program to $5,500 to help more customers with closing costs and down pay- ment assistance when buying a home in more than 6,700 minor- ity communities nationwide. JPMorgan Chase is provid- ing mentors for trainees in the Appraiser Diversity Pipeline Initiative, a program led by the Appraisal Institute and Fannie Mae, designed to attract new people in the field, help trainees overcome common barriers to entry and foster diversity. "Businesses, community leaders and policymakers need to work together to advance solutions that address housing instability and bring foundational change to the housing market," said Heather Higginbottom, President, JPMorgan Chase Policy Center and Co-Head of Global Philanthropy. "These data-driven policy reforms will help families across the country who have pre- viously been locked out of stable, affordable housing."