‘American Dream Initiative’ Up by More Than $200 Billion… considering innovative construction options such as modular and manufactured homes as possible new loan product offerings
JPMorganChase intends to deploy over $750 billion through 2035 to increase housing supply and support homeownership in the United States. This marks a nearly 40 percent increase in the firm’s housing capital deployment compared to the past decade, and includes financing for 1,000,000 affordable housing units and helping 500,000 homebuyers purchase homes.
The announcement is part of JPMorganChase’s American Dream Initiative, a multi-year effort to expand opportunity to millions of Americans and future generations through targeted investments in local communities. As the nation’s largest multifamily lender and residential bank mortgage lender, JPMorganChase has a track record of expanding affordable housing supply and supporting homeownership, bringing the scale and expertise needed to help address the country’s housing challenges.
In the firm’s role serving all housing stakeholders, JPMorganChase will deepen collaboration with policymakers and community partners to accelerate and scale state and local solutions — such as streamlined zoning, building codes, permitting, expanded tax credits, and public-private partnerships — that help create more housing at all income levels. With the right policies in place, the firm intends to provide more capital for housing and home buying to ultimately help improve housing access and affordability across the country.
“An affordable and resilient housing market is essential to driving economic growth and increasing opportunity,” said Michelle Herrick, head of commercial real estate for J.P. Morgan. “We’re focused on helping more people access quality housing they can afford — and we’re working across the real estate community, local governments, and nonprofits to scale housing solutions throughout the U.S.”
JPMorganChase’s American Dream Initiative is a multi-year effort to expand economic opportunity by scaling local solutions that help the economy work for more people, the firm stated. Through the initiative, the firm provides financing, facilitates capital, offers advice, training and tools, and advocates for policy solutions to help people start and grow small businesses, find affordable places to live, save and plan for their financial futures, get good jobs, access quality healthcare and strengthen local institutions.
“Homeownership has always been at the heart of the American Dream. Owning a home can transform lives — providing stability, helping families build wealth, and creating a sense of community,” Chase Home Lending CEO Sean Grzebin said. “Our goal is to make the path to homeownership clearer and more accessible for more people, wherever they are in their financial journey.”
-JPMorganChase
Through expanded financing and policy engagement, firm will help build or preserve 1,000,000 affordable housing units and help 500,000 customers purchase homes.
Bring Scale, Expertise to Tackle Affordability
By directing more than $750 billion in capital toward this initiative with a broad suite of financial solutions and local expertise, the firm is reinforcing its support for renters and homeowners at every stage of their housing journey, including through:
- Expanding housing financing: Increasing capital deployed through available tools such as debt, equity, and grants to build or preserve housing supply, in partnership with developers, owners, non-profits, and governments, including financing 1,000,000 affordable units over the next decade.
- Increasing homeownership opportunities: Helping 500,000 customers — including 200,000 first-time homebuyers — purchase homes by increasing mortgage lending by more than 40 percent, hiring 850 new home lending advisors, introducing new digital tools, and considering innovative construction options such as modular and manufactured homes as possible new loan product offerings. The firm will also work with organizations to help lower mortgage costs and improve long-term affordability, including through down payment assistance.
- Advancing policy advocacy and research: Using data-driven insights to identify gaps in the market, the firm will leverage the JPMorganChase PolicyCenter and Institute to translate research into evidence-based policy recommendations and to direct our resources to where they will have the greatest impact. The recently launched Building Blocks series examines state and local policy opportunities to increase housing supply.
Create Ecosystem for Affordable Housing
To help ensure capital can be leveraged most effectively to support the housing ecosystem, drive affordability and expand access to homeownership, the firm will expand support for pro-growth housing policies that reduce barriers, accelerate housing production, and allow for additional lending, including:
- Increasing housing supply: Supporting the implementation of the 21st Century ROAD to Housing Act, which includes dozens of provisions that will help expand housing affordability, streamline development processes, and improve pathways to homeownership for families across the income spectrum. JPMorganChase has supported a number of these provisions, such as the Accelerating Home Building Act, the Housing Supply Expansion Act, and the Helping More Families Save Act.
- Expanding access to homeownership: Continuing to support efforts to harmonize standards and processes among key housing finance institutions and federal programs to reduce costs and improve efficiency in the secondary mortgage market, while expanding the role of private capital in the mortgage market to increase competition, liquidity, and access to affordable credit—changes that help lower costs for borrowers and improve access to homeownership.
- Advancing tailored, local solutions: Learning from the firm’s work across local markets, advancing solutions that make it easier, faster and lower cost to build housing. This includes policies that allow more housing to be built in residential areas; unlock underused land sites for housing; modernize building codes to enable more efficient construction approaches; and streamline permitting by removing redundancies.
In an effort to advance these policies and mobilize stakeholders to drive solutions, the firm will also join as chair of the U.S. Chamber of Commerce’s newly formed Housing Advisory Council, which will serve as a business-led forum for new collaboration, stronger public-private partnerships, and development of recommendations to help shape housing policy at the local, state, and federal levels.
Increase Housing Supply in San Francisco
JPMorganChase is building on its long-standing support for the Bay Area, including San Francisco, by working with local business and civic leaders to help advance the city’s efforts to expand housing supply and affordability.
As part of the American Dream Initiative, JPMorganChase plans to support new and expanded public-private partnerships with housing stakeholders and real estate developers and owners. Together, the firm aims to help deliver more housing across the Bay Area, including a focus on units priced within reach of middle-income households.
A recent example is the Sophie Maxwell building in the Dogpatch neighborhood’s Power Station development, where the firm provided financing that helped deliver 105 permanently affordable apartments for middle-income residents. Working closely with public officials and alongside other private sources of funding, the firm helped make a high-quality project feasible at a lower cost per unit, demonstrating how innovative capital structures can help bring needed housing to market.
Building on the success of this model, the firm is expanding its efforts by:
- Providing nearly $200 million in financing for a 342-unit residential building at Power Station, continuing site momentum after the successful completion of the Sophie Maxwell Building, which was financed through an innovative J.P. Morgan bond solution in 2025.
- Making up to a $15 million equity investment in Fifth Space’s new “Essential Housing Fund” to build affordable housing units in San Francisco, including an expected 250 units in Potrero Hill.
- Supporting the Urban Land Institute (ULI) Foundation, in collaboration with Terner Labs, ULI district councils, and other research institutions, to analyze key housing data for actionable local policy recommendations.
- Helping to pilot, de-risk, and scale solutions that help to increase housing supply, including through $6 million in new grants to the San Francisco Housing Accelerator Fund, Community Vision Capital & Consulting, San Francisco Bay Area Planning and Urban Research Association and The Housing Action Coalition, and Housing California.
San Francisco Mayor Daniel Lurie said the city has too many families that struggle to make rent, and that the city administration is working every day to help them remain residents.
“Building housing is a critical piece of that work, and we’re taking an all-hands-on-deck approach to make that happen,” he said. “JPMorganChase’s investment in housing reflects their commitment to San Francisco’s future, and these projects with hundreds of new homes show what we can do when the private sector and the city come together to tackle the issues that matter to families.”
J.P. Morgan’s Global Chair Noah Wintroub said the firm has a decades-long history of supporting San Francisco’s housing ecosystem, working with developers, community organizations, and local government to help bring more housing to market. Through the American Dream Initiative, the firm is poised to do more.
“With the right public policies in place, the firm can provide more capital for housing, scaling solutions that help expand supply and affordability,” Wintroub said.
Michael Moritz, chair of Crankstart, said that a city that cannot house its teachers, nurses, firefighters and bus drivers loses its soul.
“We’re glad to work with JPMorganChase to back an ambitious and impatient team devoted to building high-quality homes that hard-working San Franciscans can afford,” he said.
Fifth Space CEO Enrique Landa said the unique partnership brings together the capital and expertise needed to solve the city’s housing challenges.
“San Francisco’s housing crisis is real. We can keep debating it, or we can build,” Landa said.
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