JPMorgan Chase and UnidosUS strengthened their partnership to support the expansion of affordable homeownership opportunities in Latino communities across the country, according to a statement.
At the UnidosUS Annual Conference in Las Vegas, held on July 17, the company announced a philanthropic commitment of six million dollars and joint policy recommendations to support homebuyer preparation, expand access to credit, increase housing supply, and preserve Latino homeownership.
The announcement follows a recent expansion of the Chase Homebuyer Grant, which increased from $5,000 to $7,500 in communities across the country identified by the U.S. Census as predominantly African American, Hispanic, or Latino.
“This includes more than 200 tracts in the greater Las Vegas metropolitan area and will help all eligible individuals reduce their interest rate and/or lower their down payment and closing costs when purchasing a home,” the statement says.
“At JPMorgan Chase, we are deeply committed to addressing housing access and affordability, particularly within the Latino community,” said Abi Suárez, Head of Neighborhood Development at JPMorgan Chase.
Although Latino homeownership has increased over the years, approaching 50% in 2023, significant barriers still exist, the organizations warn.
“In 2023, the Latino homeownership rate was nearly 25% lower than the homeownership rates for white households. This creates barriers to homeownership as a key source of financial stability and intergenerational wealth transfer,” the statement explains.
The philanthropic funding will support UnidosUS’s capacity-building and its HOME (Home Ownership Means Equity) initiative, a national effort to create four million new Latino homeowners by 2030.
JPMorgan Chase’s support for the HOME initiative will help expand solutions for high-cost households and ensure equitable access to homeownership by:
– Supporting a Latino-focused research network, the first of its kind, to inform and promote strategies and policies that advance Latino access to homeownership.
– Facilitating the exchange of best practices and knowledge among a network of UnidosUS affiliates and professionals working to address housing supply, equitable mortgages, and estate planning through convenings and collaborative assessments, the statement concludes.
