A surprising backer of America’s affordable housing push: Big banks
JPMorgan Chase has pledged $750 billion toward affordable housing initiatives over the next decade, joining other major banks in financing residential development. These public-private partnerships aim to address the national housing supply shortage while providing tax benefits to the financial institutions involved.
Why it matters
The involvement of major banks in housing development highlights a shift in how private capital is being utilized to address systemic social issues like housing affordability.
Jamie Dimon's JPMorgan Chase pledged $750 billion to housing projects this week, notably in San Francisco. Getty Images JPMorgan Chase announced it will direct $750 billion to US housing projects through 2035. Big banks, like Citi and Bank of America, have made similar investments in affordable housing. Public-private partnerships could help boost housing supply — and banks get a tax break. JPMorgan Chase announced plans to shell out $750 billion to boost America's home supply — and it isn't the only big bank in the housing development game. The Jamie Dimon-led financial giant said this week that it will finance 1 million affordable housing units and help 500,000 buyers purchase homes over the next decade through its "American Dream Initiative," which focuses on local-level economic development.
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