Aug 3 (Reuters) - JPMorgan said on Monday it was planning to deploy more than $750 billion into housing through 2035, in a push to increase supply and support homeownership in the U.S.
The planned deployment is part of JPMorgan's American Dream Initiative, unveiled earlier this year, which also aims to spur local economic growth through increased small-business lending and expanded access to healthcare.
JPMorgan will look to boost housing by increasing mortgage lending by more than 40%, aiming to help 500,000 customers buy homes.
The U.S. housing market has been subdued as elevated borrowing costs and steep prices from shortages have pushed many prospective buyers to the sidelines.
Under the plan, which marks a nearly 40% jump in capital deployed for housing from the last decade, JPMorgan will help produce and preserve over 1 million affordable housing units, while advocating for policies that support development.
JPMorgan will join the U.S. Chamber of Commerce's newly formed Housing Advisory Council as its chair. It will also hire 850 new home lending advisors as part of the push.
"An affordable and resilient housing market is essential to driving economic growth and increasing opportunity," said Michelle Herrick, the bank's head of commercial real estate.
JPMorgan, the largest U.S. bank by assets and market value, originated $52.8 billion in home loans last year, a nearly 30% jump from 2024.
Reporting by Nupur Anand in New York and Utkarsh Shetti in Bengaluru; Editing by Anil D'Silva and Shinjini Ganguli
Source: Reuters