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NEW YORK--(BUSINESS WIRE)--Nov 3, 2022--
Today, Chase Home Lending announced the expansion of its $5,000 Homebuyer Grant program to nearly 5,000 Hispanic and Latino communities in 20 markets across the country. The grant can be applied toward two of the biggest barriers to homeownership—the upfront cash needed for a down payment and closing costs.
“This grant supports Chase’s long-term, comprehensive commitment toward uplifting and empowering Black, Hispanic, and Latino neighborhoods,” said Cerita Battles, head of Community and Affordable Lending at Chase. “The industry continues to be challenged to think differently in how we approach racial equity and closing the wealth gap through homeownership. We believe expanding our $5,000 Homebuyer Grant program is a step in the right direction and a direct investment in American families and the diverse communities in which they live and thrive.”
The $5,000 Homebuyer Grant:
Chase first rolled out the $5,000 Homebuyer Grant in 6,700 predominantly Black census tracts across the country in 2021. It prioritized majority-Black communities because of the stark gap in the homeownership rate—44.6% for Black people compared to 74.2% for White people, according to the 2021 State of Housing in Black America report from the National Association of Real Estate Brokers.
While the rate for Hispanic and Latino people was 48.4% in 2021 (U.S. Census Bureau), the Urban Institute expects the group to account for 70% of homeownership growth over the next 20 years. Additionally, 40.8% of Latino adults under 45 are mortgage-ready today, according to the 2021 State of Hispanic Homeownership from the National Association of Hispanic Real Estate Professionals.
“The Chase Homebuyer Grant helps alleviate some of the stress that comes with down payment and closing costs. Those are two of the biggest hurdles I see clients struggle with, even when they are putting down less than 20%,” said Fredy Peñaranda, owner of Fredy Peñaranda Team at eXp Realty, based in Houston. “The grant truly makes housing more accessible for buyers in Black and Hispanic communities—even more so when coupled with other Chase resources or grants available at the local level.”
This grant is part of a special purpose credit program (SPCP) that Chase developed in accordance with federal legal requirements. It’s available for purchases of properties in communities identified by the U.S. Census as majority-Black, Hispanic or Latino.
To find out if a property qualifies for the $5,000 grant, click, call or visit a branch to speak to a Home Lending Advisor. Chase plans to launch a Homebuyer Assistance Finder search function on Chase.com later this year. Customers will be able to input an address to see whether the property is eligible for the Chase Homebuyer Grant and view additional financial assistance that may be available.
Additionally, Chase continues to add resources to support homeownership for all customers:
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States with assets of $3.8 trillion and operations worldwide. Chase serves more than 66 million American households and 5 million small businesses with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 48 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221103005863/en/
Ashlei Bobo,ashlei.n.bobo@jpmorganchase.com
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY FINANCE BANKING PROFESSIONAL SERVICES PHILANTHROPY CONSUMER OTHER PHILANTHROPY OTHER PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: JPMorgan Chase & Co.
Copyright Business Wire 2022.
PUB: 11/03/2022 09:54 AM/DISC: 11/03/2022 09:54 AM
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