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JPMorgan Commits $30B to Underserved Communities
JPMorgan Chase said Thursday it would commit an additional $30 billion over the next five years to provide economic opportunity to underserved communities, especially the Black and Latinx communities. The single largest component of this commitment is $14 billion in financing to create an additional 100,000 affordable rental units, primarily through new loans and equity investments.
The bank also intends to provide $8 billion in mortgages to finance 40,000 home purchases, and another $4 billion in refinancing loans for Black and Latinx households.
It has committed to an additional 15,000 loans to small businesses in majority-Black and majority-Latinx communities, valued at a total of $2 billion.
“Systemic racism is a tragic part of America’s history,” said Jamie Dimon, chairman and CEO of JPMorgan Chase. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people.”
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