JPMorgan Chase announced today that it has deployed or committed over $13 billion in financing and funding aimed at advancing racial equity over the past year, nearing the halfway mark of its five-year goal.
The bank released the figures as part of an update on JPMorgan’s $30 Billion Racial Equity Commitment. Launched last year, the five-year commitment aims to help advance racial equity in the U.S. and close the racial wealth gap among Black, Hispanic and Latino communities. Target areas for financing initiatives include the promotion and expansion of affordable housing and homeownership for underserved communities, growing minority-owned businesses, and improving community financial health and access to banking.
To date, most of the allocated capital included $6 billion in loans to help preserve more than 60,000 affordable housing and rental housing units across the U.S., and to $4 billion in mortgage refinancing to help homeowners save by taking advantage of low mortgage rates. JPMorgan also approved $1 billion in lending for construction and rehabilitation of affordable housing for low- and moderate-income households, invested over $100 million of equity in diverse-owned or -led MDIs and CDFIs, and is on track to allocate more than $400 million of its $2 billion philanthropic target by the end of the year.
Alice Carr, JPMorgan Chase Head of Community Development Banking, said:
“Supporting these affordable housing developments that provide a safe and stable place to live is only one part of contributing to a thriving neighborhood.”
“We also invest in vital institutions like hospitals, grocery stores and daycare centers that help improve the recovery of entire underserved communities.”
Going forward, JPMorgan aims to focus on the key areas of homeownership, affordable rental housing, small business, financial wealth, workforce, community engagement, and multicultural engagement.
Jamie Dimon, JPMorgan Chase Chairman and CEO, said:
“This commitment is just the starting point. We are working to drive lasting change that can transform banking to work better for more Americans of all backgrounds.
“I am inspired by the work that is already happening on the ground in our communities and encouraged by what we can achieve together with community partners, policymakers, our customers and employees.”