A businessman leaves a bag containing one dollar money near his house. Investment in real estate assets. Construction industry, rental industry, hotel tourism industry. City local budget. Formal.
As part of our ongoing efforts to increase homeownership across the state, JPMorgan Chase will increase and maintain the supply of affordable housing in the state and provide economic health to support homebuyers and people. Today, we are announcing a $1.14 million investment in eight nonprofit organizations to help. On the way to owning a house.
The investment, which will be announced later this morning, is primarily targeted at Newark, specifically the Clinton Hill area. JPMorgan Chase officials recognize the need to preserve and restore two- to four-family homes to enable wealth creation and growth. affordable housing;
JPMorgan Chase officials are announcing the following commitments to organizations that help improve housing access and affordability.
To Clinton Hill Community Action. We offer estate planning workshops and preservation and wealth transfer programs to local seniors in Newark’s Clinton Hill neighborhood. In partnership with Greater Newark LISC, the organization provides generous home repair small grants to local homeowners and encourages them to rent their units to families and individuals seeking affordable housing opportunities.
The Newark investment will include building, renovating and selling 25 affordable single-family homes to Housing Choice Voucher holders throughout Clinton Hill. This program will help increase homeownership opportunities for this rental population, create 15 construction jobs, and generate approximately $5,000 in annual taxes for the City of Newark.
To the New Jersey Civic Engagement Education Fund. The Foundation develops and implements outreach programs that convene community leaders, landlords, and key stakeholders to increase opportunities for multifamily ownership. The organization also plans to promote homebuyer readiness resources such as housing counseling, financial coaching services, down payment assistance programs, and legal services.
The investment is part of the company’s efforts to strengthen New Jersey’s economy through philanthropic investments, community engagement and market presence, said Marco Villegas, JPMorgan’s vice president of global philanthropy for New Jersey. He said there is. The bank has more than 12,000 employees and nearly 200 branches across the state.
“At JPMorgan Chase, we are deeply committed to addressing housing access and affordability and partnering with community-based nonprofits to develop important wealth-building opportunities,” he said. .
“Today’s announcement is part of a comprehensive strategy to leverage philanthropy, advocacy and business practices to promote fiscal stability and inclusive economic growth across the state.”
This announcement includes support for economic mobility and housing, including financial coaching, credit building, small grants for weatherization projects, utility assistance, and support for Black, Indigenous, and People of Color (BIPOC) nonprofit community developers. This includes support for organizations focused on affordability.
The organizations include the New Jersey Housing and Community Development Network, the Morris County Housing Partnership, the New Jersey Institute for Social Justice, the Essex County Urban League, and the United Community Corporation. These organizations work to revitalize neighborhoods across the state and reduce barriers to homeownership for individuals and families.
Leila Amirhamzeh, director of community reinvestment for New Jersey Citizen Action, said this investment will have a significant impact.
“Homeownership and the ability to build wealth as a small-time landlord is one of the most viable ways for families to gain a foothold into the middle class, yet too many New Jerseyans face significant barriers to these opportunities. “I’m facing it,” she says.
“Thanks to JPMorgan Chase and other key partners, our New Jersey Residential Security Project will empower aspiring and current homeowners in North Jersey to take advantage of multifamily ownership opportunities and understand the dynamics of management. We can address these barriers by providing you with the tools, knowledge, and confidence to effectively and profitably provide rental units in a way that helps build strong communities.”
