JPMorgan Chase will deploy over $750 billion into the U.S. housing market through 2035. The initiative aims to finance the construction or preservation of one million affordable housing units. The bank also intends to help 500,000 customers purchase homes.
This commitment is part of the bank's American Dream Initiative. The plan represents a nearly 40% increase in housing capital deployment compared to the past decade.
JPMorgan will increase its mortgage lending by more than 40% to reach these targets. The bank will hire 850 new home-lending advisers. Management will also advocate for policies that streamline housing development.