JPMorgan Chase is ramping up efforts to support affordable homeownership in Latino communities nationwide. The firm announced a $6 million philanthropic commitment and joint policy recommendations to improve homebuyer readiness, credit access, housing supply, and the preservation of Latino homeownership.
The funding will support UnidosUS's HOME (Home Ownership Means Equity) initiative, aiming to create 4 million new Latino homeowners by 2030. The support will help develop a statewide Latino homeownership blueprint in California, establish a Latino-focused research network, and facilitate the exchange of best practices among Unidos affiliates and practitioners.
This initiative also follows the expansion of the Chase homebuyer grant from $5,000 to $7,500 in majority-Black, Hispanic, or Latino communities identified by the U.S. Census, including over 200 areas in the Las Vegas metro region.
Abi Suarez, Head of Neighborhood Development at JPMorgan Chase, emphasized the firm's dedication to enhancing housing access and affordability for the Latino community, according to Business Wire:
"Today's announcement is part of a holistic strategy to help more individuals take advantage of the benefits of homeownership. By leveraging philanthropy, policy recommendations, and business practices, we aim to create pathways to homeownership that foster financial stability and inclusive economic growth in underserved communities across the country."
Over the past 15 years, JPMorgan Chase has committed more than $20 million to UnidosUS and its local affiliates, actively participating in the UnidosUS Corporate Board of Advisors and sponsoring major events like the UnidosUS Annual Conference.
Laura Arce, Senior Vice President of Economic Initiatives at UnidosUS, highlighted the importance of the partnership:
"Public-private partnerships like JPMorganChase's support for HOME are critical to expanding Latino homeownership and building power across our community. The firm combines philanthropic investment with research and advocacy and helps our organization scale solutions that improve financial health and make wealth building more accessible."
Despite the rise in Latino homeownership, which approached 50% in 2023, significant challenges remain. The Latino homeownership rate is still nearly 25% below that of White households, impeding financial stability and the transfer of intergenerational wealth.
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