With home prices, rent and evictions on the rise, one of the nation’s largest banks is investing in the future of affordable housing in Houston.
JPMorgan Chase is giving $3.3 million to four local non-profits that will use the grants to help Houstonians buy homes and rent affordable apartments.
“We’re continuing to look at our strategy and see how we can deploy more capital to get more homeowners into homes so we can get more people that are working very hard every single day to make a living actually afford a home so they can have wealth for their families and generations to come,” said Dorian Cockrell, Vice President Global Philanthropy for JPMorgan Chase.will receive $1.
Part of the funding will support a new initiative of clustering small, single-family cottages on adjacent lots to provide affordable housing to long-time residents.a local nonprofit dedicated to building affordable homes and strengthening communities, has received a $1 million investment from JPMorgan Chase & Co. for its Social Impact Fund aimed at acquiring and preserving affordable housing in Houston.
Avenue’s Social Impact Fund will enable the non-profit to purchase properties from apartment owners in Houston who are interested in selling their assets to a responsible new owner that will preserve affordability for long-term tenants. The investment focuses on Naturally Occurring Affordable Housing which includes Class B and Class C residential rental properties that are affordable but remain unsubsidized through any federal program.