JPMorgan Chase Committing $8.4 Million to Improve Household Stability for Black, Hispanic and Latino and Other Underserved Households
JPMorgan Chase today announced six organizations to receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino and other underserved households. These commitments and policy solutions are part of the firm’s $30 billion commitment to advance racial equity and help drive an inclusive economic recovery.
JPMorgan Chase Institute research has shown almost one in four renters experienced a greater than 10 percent drop in total income during the pandemic, even after accounting for government support, but did not have a forbearance safety net like homeowners, creating economic vulnerabilities for both renters and landlords. Through JPMorgan Chase’s commitments, six organizations will design and test innovative models to improve household stability with the goal of expanding successful models across the U.S. This includes eviction prevention support, rental assistance, access to legal services and resources for small landlords.
“Access to safe, affordable housing is key to building wealth but out of reach for far too many families,” said Heather Higginbottom, President, JPMorgan Chase PolicyCenter and Co-Head of Global Philanthropy. “Today’s announcement will help promote immediate housing stability for underserved households and is one step toward our goal of addressing barriers to affordable housing and homeownership, especially for Black, Latino and Hispanic families.”
Organizations receiving philanthropic capital:
Community Justice Project (Miami, FL)
At least 31% of Florida renters could be at risk of eviction by the end of the year.1 With JPMorgan Chase’s $1.6 million three-year investment, Community Justice Project (CJP) will implement a community lawyering model supporting grassroots organizations and tenant-led campaigns to help stop evictions and improve conditions for renters. CJP aims to expand this model beyond Miami-Dade to eight other counties across Florida.
Community Legal Services (Philadelphia, PA)
During the pandemic, Philadelphia landlords filed to evict 4,500 tenants, disproportionately impacting Black, Latino and Hispanic communities, and the number of filings is expected to significantly increase as COVID-related tenant protections expire.2 With JPMorgan Chase’s $1.5 million three-year investment, Community Legal Services will expand its program design and build capacity to alter the eviction landscape in Philadelphia by combining the following three initiatives: eviction alternatives, right to counsel and eviction record screening protections.
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