JPMorgan Commits $750B to Affordable Housing Over Next Decade

JPMorgan Chase is making a massive push into American housing, committing to finance one million affordable housing units by 2035. The bank plans to deploy more than $750 billion in US housing over the next decade, which is nearly 40% larger than its previous decade's deployment.

The commitment is part of JPMorgan's American Dream Initiative, aimed at helping 500,000 buyers purchase homes and financing one million affordable housing units. The bank has not disclosed yearly deployment targets, but spread evenly, the commitment would represent roughly $75 billion of housing capital annually.

JPMorgan plans to put nearly $200 million into a 342-unit building in San Francisco's Power Station as an early test of its initiative. It also expects to invest up to $15 million in Fifth Space's Essential Housing Fund, which includes an expected 250 units in Potrero Hill.