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Chase Launches Initiatives to Expand Affordable Housing Preservation
JPMorgan Chase has launched initiatives to expand the preservation of affordable housing and rental housing options across the U.S., as part of the firm’s recently announced $30-billion commitment to advance racial equity.
To help maintain affordability for tenants, the bank’s Commercial Term Lending group is offering multifamily owners and operators an Affordable Housing Preservation Program, along with extending rent and income-restricted subsidy mortgage lending programs to this client base.
“Many cities in the U.S. face inadequate affordable housing options for vital members of our communities, including teachers, healthcare workers, firefighters and those who work in the restaurant and hospitality sectors,” said Kurt Stuart, managing director for Commercial Term Lending.
He continued, “By working with clients who share our passion for providing affordable housing solutions in our communities, we hope to alleviate the pressure for individuals who are increasingly cost-burdened and provide safe, affordable and desirable housing options.”
- ◦Financing
