JPMorganChase Announces $3.75M in Donations to Support Increasing Housing Supply & Affordability in Atlanta
One Community Update
February 13, 2025
Source: www.11alive.com
JPMorganChase on Thursday announced it is making $3.75 million across five donations to support groups in Atlanta working on increasing housing supply and improving housing affordability.
The donations, the company’s Global Head of Corporate Responsibility Tim Berry said, will help “scale housing affordability programs and address the supply shortage.”
“Increasing affordable housing supply is crucial, especially in underserved communities where rising costs and low supply prevent many qualified buyers from entering the market,” Berry said. “Today’s commitment is part of our comprehensive effort to tackle this issue in Atlanta and promote economic growth. These grants will support innovative solutions, focusing on sustainable homeownership and community revitalization.”
Five different groups will receive contributions: the Atlanta Neighborhood Development Partnership ($2 million), Community Foundation for Greater Atlanta ($1.03 million), Westside Future Fund ($500,000), National Community Stabilization Trust ($140,000) and Local Initiatives Support Corporation ($75,000).
The largest of those contributions, to the Atlanta Neighborhood Development Partnership, will support a “first-of-its-kind first-look program to acquire investor-owned properties and convert them into affordable housing opportunities.” The other $1 million+ contribution, to the Community Foundation for Greater Atlanta, will help a program that “aims to build the capacity of underserved developers through innovative capital solutions and support legacy residents’ ability to access wealth through homeownership.”
JPMorganChase says it previously made a $2.5 million contribution to the Atlanta Neighborhood Development Partnership (ANDP) that helped 640 families and made 371 single-families available for affordable homeownership.
“Through previous support from JPMorganChase, we were able to grow our model and develop hundreds of affordable homes to generate critical wealth for Atlanta families.” John O’Callaghan, ANDP President and CEO, said in a statement. “Further, we were able to facilitate more than $5 million in down payment assistance to low-to-moderate income homebuyers. Together with JPMorganChase, the Community Foundation of Greater Atlanta, the Westside Future Fund, and LISC Atlanta, we will continue to make a significant impact in our great city. We look forward to continuing our partnership and revitalizing underserved neighborhoods in Atlanta, together.”
In an email, the company pointed to an example of a Union City home that was acquired by ANDP from an institutional investor and then renovated and sold to a veteran first-time homebuyer for $260,000. JPMorganChase says it is supporting work in Atlanta, Union City, south DeKalb County, south Fulton County and more.
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