According to a statement from JP Morgan Chase, the "multibillion dollar affordable lending partnership is designed to increase homeownership opportunities for low- and moderate-income individuals and provide new options for minority and immigrant borrowers. This initiative also is intended to help revitalize and strengthen targeted neighborhoods through community development investments and by increasing access to affordable rental housing opportunities."
While boosting low-income workers' access to mortgages, the program is also intended to pump much-needed funding and construction activity into the nation's more seriously deprived neighborhoods.
The move comes at an important time in the nation's affordable -housing crisis. In a recent interview with GlobeSt.com, National Housing Conference executive director Robert Reid described the current shortage in affordable housing as "the worst it's been since the 1930s."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
