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J.P. Morgan to fund $750 billion housing push over nine years
The bank targets 1 million affordable housing units, including 200,000 first-time buyers, and plans to finance the effort through debt, equity and grants.
Commercial Observer reports that J.P. Morgan Chase announced an unprecedented plan to build $750 billion worth of housing over the next nine years, aiming to increase both supply and homeownership nationwide.
The bank said it will focus on expanding financing through debt, equity and grants, with a target of creating 1 million units of affordable housing and aiding 500,000 customers, including an anticipated 200,000 first-time buyers.
The article notes that Commercial Observer previously reported that multifamily construction starts in the first quarter of this year were the lowest since 2011, while some developers are still moving forward with projects in specific regions.
Commercial Observer also highlights activity in New York, Florida and California, including a planned 560-unit mixed-income development in Astoria, Florida deals and projects, and a BlackRock purchase of an 11-property Southern California multifamily portfolio from Camden Property Trust for $1.63 billion with more than 3,600 rental units.