Preserve communities
“Preserving affordable housing is really about protecting the livelihood and vitality of cities,” Stuart said.
For example, it’s linked to lower crime rates and increased health and education outcomes for children, plus increased purchasing power, tax revenues and job creation, Ely said.
Secure, decent housing can promote better health. It gives households improved access to healthcare, transportation, jobs and vibrant communities. Affordable housing also has broader community benefits.
Affordable and workforce housing also helps preserve the character of neighborhoods. People gravitate toward cities because of their unique, diverse communities with local restaurants, coffee shops, stores and other businesses. Affordable and workforce housing can help preserve the character of neighborhoods.
“In reality, people working to help a neighborhood thrive often can’t afford to live there without access to affordable housing,” Stuart said.
JPMorgan Chase’s affordable housing preservation program
On top of these benefits, JPMorgan Chase has an Affordable Housing Preservation program. Through the program, qualified clients can preserve affordability in a portion of their existing subsidized multifamily properties in exchange for a pricing incentive that lasts the life of their loan. The program has preserved more than 35,000 apartment units to date and the firm has surpassed its $2.5 billion goal for 2021, Ely said.
Source: jpmorgan.com
