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July 2023 » thefivestar.com 23 July 2023 I N D U S T R Y U P D A T E underserved households, including Black, Latino, and Hispanic households in the D.C. region. They include: » $4.45 million to Coalition for Non-Profit Housing and Economic Development (CNHED). CNHED will lead a collabora- tive, that includes National Housing Trust, Medici Road, Housing Counseling Services, LISC DC, Mi Casa, and Douglas Commu- nity Land Trust, which aims to increase and preserve the supply of affordable, small buildings (<50 housing units) and support- ing residents becoming small building owners to build wealth. This commitment is informed by the firm's participation in the Connecting Capital and Community (3C) initiative led by the Center for Community Investment at the Lincoln Institute of Land Policy to advance more equitable housing results in five U.S. cities. » $3 million to National Housing Trust (NHT). NHT will use this commitment to promote decarbonization efforts in affordable housing by providing technical assistance to owners to retrofit buildings to improve resident health outcomes, and to engage community members, deci- sion-makers, and lenders to make public resources more accessible and aligned to electrify affordable housing. This work aims to save tenants $1,200 in estimated average monthly rent savings and is in- formed by JPMorgan Chase's collaboration with the Urban Institute to test and scale innovative housing models across the U.S. » $205K to Manna. The funding will sup- port Manna's focus on increasing home- ownership for underserved households, including people of color through property acquisition, affordable housing renovation, and community engagement. Manna will use this commitment to help address barri- ers in supply by advocating for dedicated resources to create and renovate units. Manna has developed more than 1,500 affordable for-sale units and will complete an impact study exploring actual results and outcomes in economic mobility, stabil- ity, and wealth-building from homebuyers. 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 mean- ingful 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." "When residents have safe, stable, and affordable housing, that allows them to focus on all the other aspects of their lives and it creates stronger communities—that's what these funds will help us do," said D.C. Mayor Muriel Bowser. "We also know that for many families, homeownership is a critical tool for building and passing on wealth, and we are grateful that JPMorgan Chase is partnering with local organizations to help more Wash- ingtonians become homeowners." Helping to Increase Housing Afford- ability, Wealth Creation, and Sustain- able Homeownership Across the U.S. N ationally, the housing crisis has been exacerbated by a shortage of affordable homes for purchase, coupled with high inter- est rates and increased home prices. This has put sustainable homeownership out of reach for many underserved households. Two years into the firm's $400 million philanthropic commitment, JPMorgan Chase has deployed loans, equity, and grants to 153 organizations to advance housing affordabil- ity and stability in underserved communities across the U.S. For example, JPMorgan Chase has committed funds to support innovative models that tackle the barriers to accessing homeownership and the lack of single-family supply, including: » A $2.5 million commitment to the Center for Community Self-Help to scale its mortgage innovations to support low- to moderate-income borrowers, including people of color. This includes the Equity Boost mortgage—a 97-100% loan-to-value mortgage product paired with zero interest down payment assistance loan, and SAFE mortgage savings account that incentivizes saving for financial emergencies or urgent home repairs. Now Equity Boost and SAFE "When residents have safe, stable, and affordable housing, that allows them to focus on all the other aspects of their lives and it creates stronger communities— that's what these funds will help us do." —Muriel Bowser, D.C. Mayor