JPMorganChase Boosts Atlanta's Housing Future with New $3.75 Million Philanthropic Contribution

JPMorganChase is expanding its commitments to increase housing supply and support greater housing affordability in Atlanta through $3.75 million in philanthropic contributions to five organizations: Atlanta Neighborhood Development Partnership (ANDP), Community Foundation for Greater Atlanta, Westside Future Fund, National Community Stabilization Trust and Local Initiatives Support Corporation (LISC) Atlanta. The contributions also aim to address heirs property challenges, which is a property rights issue that presents significant barriers to homeownership and generational wealth building.

"Fostering healthy, resilient communities is central to our business strategy, and creating wealth-building opportunities is a key component of that vision," said Tim Berry, Global Head of Corporate Responsibility at JPMorganChase. "In partnership with non-profit organizations and policymakers, we are proud to leverage our business and philanthropic resources to scale housing affordability programs and address the supply shortage. Increasing affordable housing supply is crucial, especially in underserved communities where rising costs and low supply prevent many qualified buyers from entering the market. Today's commitment is part of our comprehensive effort to tackle this issue in Atlanta and promote economic growth. These grants will support innovative solutions, focusing on sustainable homeownership and community revitalization."

In 2022, JPMorganChase made a $2.5 million commitment to ANDP to help scale the organization’s single-family housing production, prioritizing risk-sharing business partnerships with smaller, local real estate businesses. Since then, ANDP has impacted 640 families and has made 371 affordable single-family homes available for homeownership and rental in various stages of development. Of the 142 homes sold, almost half of the homebuyers earned 80% of the area median income (AMI) or less.

JPMorganChase’s new commitment of $3.75 million will support the following organizations:

• Atlanta Neighborhood Development Partnership ($2M): This commitment supports a first-of-its-kind first-look program to acquire investor-owned properties and convert them into affordable housing opportunities. The program will focus on low- to moderate-income neighborhoods, offering affordable rentals and homeownership options, with the goal of converting more rental units to homeownership over time. ANDP will also leverage the gained value from appreciation for repairs, future acquisition and down payment assistance for homebuyers.  
• Community Foundation for Greater Atlanta ($1.03M): This program aims to build the capacity of underserved developers through innovative capital solutions and support legacy residents' ability to access wealth through homeownership. The initiative will establish a Recoverable Strike Fund for pre-development expenses and develop an equity pathway for affordable housing projects. Additionally, it will address heirs property cases by providing educational programs and direct assistance to long-standing residents.
• Westside Future Fund ($500K): This grant will support the Westside Future Fund’s strategy to ensure that legacy residents of Atlanta’s historic Westside can benefit from the community’s revitalization by expanding access to affordable housing, preventing displacement, and fostering economic mobility through holistic community investment. The grant will provide working capital and develop new digital resources to help residents prepare for and be aware of homeownership opportunities.
• National Community Stabilization Trust (NCST) ($140K): This grant, which is part of a larger $1.25M multi-city commitment, will support HouseATL’s efforts to build local capacity to address heirs property issues.  HouseATL is a multi-stakeholder metro area collaborative that works to advance housing affordability and wealth building through homeownership and is under the fiscal oversight of the Community Foundation for Greater Atlanta.
• Local Initiatives Support Corporation ($75k): This grant, which is part of a larger $1 million national commitment, will explore how data analytics can help public entities address heirs property issues by identifying attorneys and non-profits to assist families. The initiative aims to replicate successful models and create a comprehensive approach to resolving heirs property challenges.

“Through previous support from JPMorganChase, we were able to grow our model and develop hundreds of affordable homes to generate critical wealth for Atlanta families.” said John O’Callaghan, ANDP President and CEO. “Further, we were able to facilitate more than $5 million in down payment assistance to low-to-moderate income homebuyers. Together with JPMorganChase, the Community Foundation of Greater Atlanta, the Westside Future Fund, and LISC Atlanta, we will continue to make a significant impact in our great city. We look forward to continuing our partnership and revitalizing underserved neighborhoods in Atlanta, together.”

Investing in Atlanta

In addition to philanthropic support, the firm has also provided more than $230 million in financing since 2020 to create and preserve over 790 affordable housing units and invested in $25 million of New Markets Tax Credit allocation to support economic and community development projects.

"Affordable housing strengthens our communities, empowers individuals and families, and helps create thriving local economies,” said Vince Toye, head of Community Development Banking and Agency Lending at JPMorganChase. “Together, we’re investing in a more equitable Atlanta focused on opportunity, inclusivity, and belonging.”

Heirs property challenges

Heirs property, also referred to as a “tangled title,” occurs when a homeowner dies without a will or other formal estate plan and several people gain rights to indivisible shares in the same home or piece of land. Often leading to legal challenges or forced sales, heirs property is a major barrier to homeownership preservation and generational wealth building. Resolving heirs property challenges are crucial for stabilizing neighborhoods and empowering individuals to preserve and build wealth through homeownership. Currently, there are estimated to be more than 444,170 heirs property parcels in the United States, totaling 9 million acres valued at over $41 billion.

JPMorganChase in Georgia

JPMorganChase has served Georgia for more than 100 years. Today, the firm serves more than 1.8 million consumer banking customers, more than 159,000 small business clients and employs more than 2,180 people throughout the state. Since 2019, the firm has contributed more than $14 million in philanthropic support to non-profits and community organizations, helping to advance a stronger, more inclusive economy.

About JPMorganChase

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.0 trillion in assets and $345 billion in stockholders’ equity as of December 31, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Media contact

Allison Reed
Allison.reed@jpmchase.com
Gabriela Alba
gabriela.alba@jpmchase.com