JPMorgan Chase Committing $8.4 Million to Improve Household Stability for Black, Hispanic and Latino and Other Underserved Households
14 Outubro 2021 - 2:26PM
Business Wire
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.
The COVID-19 Eviction Defense Project
(Colorado)
At least 25% of renters in Colorado could be at risk of eviction
by the end of year.3 With JPMorgan Chase’s $1.3 million two-year
investment, The COVID-19 Eviction Defense Project will support
eviction prevention through a strategic model that provides tenants
with resources for household stability such as rental assistance,
negotiation services, legal services and rehousing placements.
Equal Justice Works (Richmond, VA)
Five of the top ten cities with the highest eviction rates in
the United States are located in the Commonwealth of Virginia.4
With JPMorgan Chase’s $1.5 million three-year investment, Equal
Justice Works will bring together a group of lawyers and community
organizers (‘Fellows’) as part of its Housing Justice Program to
increase access to high-quality legal services and tenant resources
for low-income Black, Latino and Hispanic households and residents
of public housing. Housing Justice Program Fellows will also engage
in high impact litigation to support practices that protect the
rights of tenants across Virginia.
Neighborhood Housing Services of Chicago (Chicago,
IL)
In Illinois, 22% of Black renters and 17% of Hispanic and Latino
renters are behind on their rent, compared to 9% of white renters.5
With JPMorgan Chase’s $1 million three-year investment,
Neighborhood Housing Services of Chicago (NHS Chicago) will provide
rental assistance and counseling to around 675 households. NHS
Chicago will also support small-unit landlords through rental and
mortgage assistance, housing mediation services, renter relocation
grants, post-purchase counseling, financial assessments and
foreclosure prevention support.
Texas Housers (Houston, TX)
In Texas, more than 800,000 low-income renter households compete
for around 244,000 rental units that are affordable and available
to them.6 With JPMorgan Chase’s $1.5 million three-year investment,
Texas Housers will provide low-income tenants in Texas with access
to resources and advice to help secure rental assistance and
long-term affordable housing. This includes helping tenants
understand government emergency rental assistance programs and how
to protect their homes when facing eviction. The investment will
also fund Texas Housers’s work to support and expand a statewide
collaboration of tenants and supporters engaged in research and
policy discussions to increase the supply of affordable rental
housing and secure essential tenant protections at the state and
local level.
Advancing Data Driven Policy Solutions
Recently, the JPMorgan Chase PolicyCenter released data-driven
policy recommendations to improve household stability weakened by
the pandemic. These recommendations mirror the work of the
organizations receiving philanthropic commitments. For example, the
firm is supporting policies that:
- Implement fair eviction standards to help ensure stability and
improve outcomes for tenants and landlords;
- Reduce preventable evictions by establishing eviction diversion
programs, applying eviction principles, such as right to counsel,
that protect tenants from unlawful eviction and helping ensure a
balanced and predictable eviction process;
- Expand access to homelessness and eviction prevention programs,
as well as legal assistance services that help renters navigate
their housing options and rights, emergency shelter, and rapid
re-housing; and
- Standardize the collection and tracking, of state and local
level eviction data to better inform policy decisions.
To learn more about how JPMorgan Chase is working to advance
racial equity and help bridge the racial wealth gap, visit
www.jpmorganchase.com/racialequity.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial
services firm based in the United States of America (“U.S.”), with
operations worldwide. JPMorgan Chase had $3.8 trillion in assets
and $290.0 billion in stockholders’ equity as of September 30,
2021. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing and asset management. Under the
J.P. Morgan and Chase brands, the Firm serves millions of customers
in the U.S., and many of the world’s most prominent corporate,
institutional and government clients globally. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
1https://www.aspeninstitute.org/blog-posts/the-covid-19-eviction-crisis-an-estimated-30-40-million-people-in-america-are-at-risk/
2 https://www.courts.phila.gov/ 3
https://www.aspeninstitute.org/blog-posts/the-covid-19-eviction-crisis-an-estimated-30-40-million-people-in-america-are-at-risk/
4
https://evictionlab.org/rankings/#/evictions?r=United%20States&a=0&d=evictionRate&lang=en
5
https://www.census.gov/data/experimental-data-products/household-pulse-survey.html
6 https://reports.nlihc.org/gap/2019/tx
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version on businesswire.com: https://www.businesswire.com/news/home/20211014005975/en/
Contact Info Meredith Kender
meredith.e.kender@jpmorgan.com
JP Morgan Chase (NYSE:JPM)
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