CSR: JPMorgan Helps Struggling Americans Access Affordable Housing

JPMorgan Chase Foundation is providing $6.3 million in grants to help people gain access to safe and affordable housing. Programs will help first-time homebuyers prepare for homeownership, develop affordable housing in low- and moderate-income communities, and prevent homelessness, particularly among veterans. These grants will allow nonprofits serving some of the most vulnerable populations in the U.S. to expand existing programs, test new ideas, and deliver critical services to new communities.

“Many communities continue to struggle from the recession,” said Janis Bowdler, Senior Program Director for Financial Capability and Affordable Housing, JPMorgan Chase Foundation. “These grants will help further the great work of our nonprofit partners by helping low- and moderate-income families obtain affordable housing and improve their quality of life.”

JPMorgan Chase is dedicated to helping neighborhoods rebound through strategic community development efforts. One-third of the firm’s contributions will help minority residents in underserved communities. Programs will be administered in various languages.

Grants have been awarded as follows:

NeighborWorks America – $1.5 million to provide training and capacity-building assistance to hundreds of housing counseling providers across the country.
LISC and Enterprise Community Partners – $2 million to support affordable housing predevelopment and preservation and strengthen programs that link affordable housing with economic development, workforce readiness and financial capability.

National Council of La Raza, National Urban League and National Coalition for Asian Pacific American Community Development – $1.8 million to support their housing counseling networks and other community development activity with particular attention to cultural competency.

Housing Partnership Network – $450,000 to fund innovative programs that will aid homeowners facing the possibility of foreclosure and further develop and test Framework, an interactive online homebuyer education platform that appeals to a new generation of homebuyers.
Community Solutions – $370,000 to help local civic leaders maximize available resources to provide housing for chronically homeless veterans through the 100,000 Homes campaign.

The National Association of Latino Community Asset Builders – $250,000 to build on its Neighborhood Stabilization Program collaborative.

From: JPMorgan

BLM Implication
A corporate giant like JPMorgan has the financial muscle power to harness corporate social responsibility of this level and build public goodwill in a time where i) scandals, ii) issues of corporate governance, and iii) fat bonus cheques for mess-ups are gaining increasing scrutiny. Its efforts have to be aligned in taking on the more sensitive ones that include the three points above in order to appear sincere to the general public and its stakeholders as well.

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