HOUSTON – In the face of rising home prices, rents and evictions, one of the nation’s largest banks is investing in Houston’s future of affordable housing.
JPMorgan Chase is donating $3.3 million to four local nonprofits that will use the grants to help Houston residents buy homes and rent affordable housing.
“We continue to review our strategy and see how we can deploy more capital to bring more homeowners into homes so that we can actually afford a home for more people who work very hard every day to make a living so they afford prosperity for their families and generations to come,” said Dorian Cockrell, vice president of global philanthropy at JPMorgan Chase.
Scholarship recipients include:
The Houston Community Land Trust receives $1.2 million for its new Homebuyer Choice program, which provides low- and middle-income homebuyers with a local government grant to buy affordable homes in Harris County.
Before the Homebuyer Choice Program (HCP) started, only newly built homes were eligible for the program. The Land Trust is working to combat the displacement of minority residents from gentrifying neighborhoods and to narrow the homeownership gap between white and colored homeowners. HCLT homebuyers are 96% African American and all have an average income of 80% or less.
The Fifth Ward Community Redevelopment Corporation, a recently designated HUD EnVision Center receives $1 million to expand its multifaceted and comprehensive housing advisory and property preservation efforts to minimize the impact of gentrification in Houston’s historic Fifth Ward.
A portion of the funding will support a new initiative to cluster small single-family homes on adjacent lots to provide affordable housing for long-term residents.
Avenue Community Development Corporation, a local nonprofit dedicated to building affordable housing and empowering communities has received a $1 million investment from JPMorgan Chase & Co. for their Social Impact Fund, which aims to bring affordable housing to the to acquire and maintain Houston. Announced earlier this year, the fund was set up to maintain rental affordability at a time when working families are increasingly being weighed down by rising housing costs.
Avenue’s Social Impact Fund will enable the nonprofit to purchase real estate from Houston homeowners interested in selling their assets to a responsible new owner who will maintain affordability for long-term renters. The investment is focused on Naturally Occurring Affordable Housing (NOAH), which includes Class B and C rental housing that is affordable but not subsidized by any federal program. Rents are generally lower than the area’s housing market, providing an affordable option for low- and middle-income households.
Local initiatives support the Houston Corporation has received $150,000 to support the formation and management of a learning community focused on housing preservation. Members of the learning community include non-profit recipients of JPMorgan Chase grants such as: B. Avenue.
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