CNHED Receives $4.45 million from JPMorgan Chase to support housing affordability in the District

June 27, 2023

Home News and Updates CNHED Receives $4.45 million from JPMorgan Chase to support housing affordability in the District

On Wednesday, JPMorgan Chase announced new philanthropic and expanded business commitments as part of its firmwide approach to addressing the housing affordability gap. This includes new philanthropic commitments totaling $7.65 million to improve housing affordability and stability for underserved households and an expanded Chase Home Lending’s $5,000 Homebuyer grant. This week’s announcement marks two years into JPMorgan Chase’s $400 million five-year commitment to improve housing affordability and stability for underserved households.

As part of their commitment, JPMorgan Chase has granted CNHED $4.45 Million to lead a three-year, multi-sector initiative to advance equitable housing results for low-to-moderate-income (LMI) Black, Indigenous, and People of Color (BIPOC), families, and individuals and to strengthening the local housing ecosystem in Washington, D.C.

The Connecting Capital and Community (3C) initiative aims to increase and preserve the supply of affordable, small buildings (<50 housing units) and support residents becoming small building owners to build financial assets. CNHED partners with a set of local convening organizations on this initiative — the National Housing Trust, Medici Road, Housing Counseling Services, LISC DC, Mi Casa, and Douglas Community Land Trust.

The Washington D.C. region’s housing crisis is one of affordability and inventory. According to the Metropolitan Washington Council of Governments, the region needs 320,000 additional units of housing by 2030 to accommodate burgeoning demand. The result is too many people chasing after too few homes. A big part of this issue is the loss of smaller unit buildings. Since 2002, the District has lost over half of its low-cost rental units, those renting for $800 or less. While the District has a well-developed pipeline for affordable multifamily rental properties with 50+ units and the Tenant Opportunity to Purchase Act (TOPA) enables tenants to have a say in development options when their property is put up for sale, the District does not have equivalent funding opportunities for the preservation of affordable housing in 2-4- or 5-49-unit properties.

BIPOC households are being displaced by the loss of affordable housing supply, competition from higher income households for naturally occurring affordable housing (NOAH), and high rent. From 2000-2020, while average household incomes have increased in the District, the percentage of Black residents has decreased from 60% in 2000 to 47% percent in 2020 – making the District one of the most rapidly gentrifying cities in the nation. Additionally, according to the U.S. Census Bureau, in Washington D.C., the homeownership rate for Black and Hispanic households is 50% compared to 70% for White households.

“The District’s current affordable housing goals require a primary focus on the production and preservation of large-unit buildings. CNHED knew an initiative that complemented the District’s response by focusing on smaller-unit buildings would help to provide a more comprehensive approach to addressing the affordable housing crisis. CNHED is incredibly grateful to JPMorgan Chase for not only recognizing these needs but also providing the much-needed resources to advance the innovative Connecting Capital and Community initiative.”

Stephen Glaude, Coalition for Non-Profit Housing and Economic Development President and CEO

“Today’s commitment is part of our holistic, firmwide approach to combatting the housing crisis. We are combining our unique resources including business, philanthropy, research and policy expertise to help increase access to capital and inventory of sustainable housing opportunities. We are committed to creating tangible solutions that help everyday Americans.”

Tim Berry, Global Head of Corporate Responsibility, JPMorgan Chase

The 3C initiative is part of a larger investment from JPMorgan Chase and CCI to support this work in six cities – Chicago, Washington D.C., Los Angeles, Miami, New Orleans, and Seattle. This three-year initiative is designed to support multi-sector teams in these cities to align and advance an ambitious housing goal that goes beyond individual projects to change housing policies, practices, and capital flows, and ultimately increase equitable housing results for Black, Latino, and Hispanic Households.

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