The dollar volume of homes donated or sold at a discount through JPMorgan Chase’s Community Revitalization Program has crossed the $250 million mark.
Initiated in 2009 as an effort to help customers and communities cope with the housing crisis, the program has seen more than 5,300 properties donated or sold to nonprofit housing organizations over the last few years. The numbers average out to about three properties a day.
Additionally, Chase pledged in 2011 to award 1,000 mortgage-free homes to military families by 2016. Since then, the company has provided over 600 mortgage-free homes amounting to more than $62 million.
“Chase has a long history and commitment to helping build vibrant communities through a variety of corporate-wide programs,” said Ryan Crowley, head of Chase Government and Community Partnerships.
“By responsibly donating about three homes a day through this initiative,” Crowley continued, “Chase’s efforts have rehabilitated communities, spurred job growth and provided homes for thousands of low-to-moderate income families.”
More than 450 organizations participate in Chase’s programs by renovating the homes before donating, reselling, or retaining them for future use. Chase continues to help by conducting post-renovation property inspections, tracking title filing, and insuring homes are sold within program parameters.
“We are very proud of our relationship with JPMorgan Chase,” said Lot Diaz, VP of housing and community development for the National Council of La Raza.
“Such partnerships, between the for-profit and non-profit sectors, shows that we all need to work together to further the national effort to stabilize housing in our communities,” Diaz added.