JPMorgan Chase (NYSE:JPM) has pledged $7.65 million to support three nonprofits working to improve housing affordability and stability for Black and Hispanic households in Washington D.C.
The funding will be divided with $4.45 million going to the Coalition for Non-Profit Housing and Economic Development, $3 million to National Housing Trust and $205,00 to Manna. JPMorgan Chase cited data from the Metropolitan Washington Council of Governments that found the region needed 320,000 additional units of housing by 2030 to accommodate current demand and U.S. Census Bureau data that determined the homeownership rate for Black and Hispanic households in Washington was 50%, compared to 70% for White households.
“Affordable, sustainable homeownership is essential to building strong communities and intergenerational wealth. Businesses, community leaders and policymakers must work together to address housing stability and affordability to fundamentally change the housing market,” said Mark O’Donovan, CEO of Chase Home Lending. “We hope these new commitments will provide meaningful impact for people who need it most in the Washington D.C. region, and we’ll continue to partner with the public sector to ensure that’s the case.”
Photo by FRTED / Flickr Creative Commons
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If this is true, this is definitely discrimination. Last time I checked, this is illegal.