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JPMorgan Chase to invest $750 billion in increasing the U.S. housing supply and homeownership
CBS News • • business
Key Points:
- JPMorgan Chase will invest $750 billion through 2035 to increase U.S. housing supply, aiming to finance 1 million affordable housing units and help 500,000 people buy homes.
- This investment is part of the American Dream Initiative and represents a 40% increase in housing capital deployment compared to the past decade.
- The initiative responds to rising housing costs, with the median home price reaching a record $440,660 in June, making homeownership less attainable for many Americans.
- JPMorgan plans to collaborate with states and local communities to streamline zoning, expand tax credits, and foster public-private partnerships to boost housing supply.
- The bank will increase mortgage lending by over 40%, add 850 new home-lending advisers, and develop new loan products targeting modular and manufactured homes, including support for 200,000 first-time buyers.
