JP Morgan Chase (JPMC) recently announced it would pledge an extra $2.5 million to the Black Home Initiative (BHI). This will help improve its efforts to identify and support new low-to-moderate-income Black homebuyers. With this new round of philanthropic investment, JPMorgan Chase’s BHI commitment totals $4.5 million.
Vicki Foege, Manager of Philanthropy for JPMC, said the Black Home Initiative in Seattle will boost Black homeownership in the Puget Sound region. She also said the network of Black families is significantly lower than white families in the region. Foege said it is unacceptable that about 40 percent of Black families have no net worth in King and Pierce County.
The BHI is an aspect of the Connecting Capital and Community (3C) initiative. It was established by the Center for Community Investment at the Lincoln Institute of Land Policy. In partnership with JPMC, the initiative intends to address systemic housing challenges. It uses a fundamentally different approach than five major cities: Los Angeles, Chicago, Seattle, Miami, and Washington, DC.
The BHI also aims to increase black homeownership by changing a system that has damaged Black households. Micheal Brown, Civic Architect of Civic Commons, said he appreciated the additional investment from JPMorgan Chase. He also said that they confirmed their partnership was on the right path.
According to Foege, the BHI is strengthening and leveraging its relationships. She said this would create a sound and stronger pathway to homeownership for underserved communities. The initiative pulled together a team of black leaders in the King and Pierce County area.
Entering its second year, Black Home Initiative will use the additional support to activate the project teams of network partners. These teams will develop two new products, a Capacity Building Fund, and a Pre-development Fund. BHI says it will launch both products in late Spring.
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