Three D.C. nonprofits that support affordable housing efforts for underserved households in the District will share grants from JPMorgan Chase, totaling $7.65 million.
Chase Home Lending has also expanded a separate homebuyer grant program in D.C.
Chase said the largest share of grant money, $4.45 million, will go to Coalition for Non-Profit Housing and Economic Development, which will use the funding to work with National Housing Trust, Medici Road, Housing Counseling Services, LISC DC, Mi Casa and Douglas Community Land Trust to develop programs aimed at preserving the supply of affordable apartment buildings.
The National Housing Trust will receive $3 million to promote decarbonization efforts in affordable housing development and reduce utility costs for renters, a news release said.
Manna will receive $205,000 to continue its work of renovating affordable for-sale homes in D.C.
Chase has also expanded its Chase Home Lending program, making $5,000 homebuyer grants available in more majority Black, Hispanic and Latino neighborhoods in D.C.
The U.S. Census Bureau estimates the homeownership rate for Black and Hispanic households in D.C. is 50%, compared to 70% for white households.
Chase is one of few national banks that has been expanding its retail branch network in the Washington region, and has said it will open 70 branches in the region by the end of 2025, 30% of which will be in low- and moderate-income neighborhoods.
The new D.C. grants are part of JPMorgan Chase’s $400 million, five-year commitment to improving affordable housing for underserved households. Since 2021, it has made over $224 million in low-cost loans, investments and grants to 153 organizations across the country, a news release said. Chase said it estimates those commitments have helped preserve or create more than 12,500 affordable housing units.
