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J.P. Morgan plans $750B push to expand US housing supply through 2035
The American Dream Initiative will aim to preserve 1 million affordable units while funding housing through debt, equity, and grants and supporting policy changes to curb large investor purchases.
J.P. Morgan Chase said it plans to deploy more than $750 billion through 2035 to increase housing supply and support homeownership in the United States, building on its American Dream Initiative launched in late March, according to Commercial Observer.
The bank said the effort will use a multi-pronged approach that includes expanding financing through debt, equity, and grants to create and preserve housing supply, with a stated goal of preserving 1 million affordable units.
J.P. Morgan also said it will prioritize targeted housing policy advocacy, pointing to the 21st Century ROAD to Housing Act that became federal law on July 11 and is intended to boost supply, facilitate pathways to homeownership, and curb large investor housing purchases.
In addition, the firm said it will work to streamline processes between housing finance bodies and federal programs to optimize efficiencies in the secondary mortgage market, while expanding private capital through public-private partnerships and community partnerships.