Chase invests $338 billion in low- and moderate-income families, communities and small businesses in four yearsMortgagePress.comChase, low and moderate income families, community development lending
Supporting low- and moderate-income families, communities and
small businesses, Chase announced that it has invested more than
$338 billion in the first four years of its 10-year, $800 billion
commitment.
"Helping families buy a home they can afford over the long-term
remains a crucial part of our commitment to communities," said
Charlie Scharf, chief executive officer of retail financial
services. "We have helped buyers better understand the
responsibilities they are taking on and we have helped many
homeowners facing financial challenges."
In 2004, parent company JPMorgan Chase pledged to invest $800
billion over 10 years in communities across the country, which
continues to be a major commitment to community development lending
and economic development.
Chase already has invested 42 percent of that in three areas
crucial to families and communities across the country:
• $258 billion in mortgages in low and moderate-income
neighborhoods and to lower-income and minority borrowers
• $63 billion in small business lending, and
• $17 billion in community development lending and
investment.
Chase supports families and communities through a broad range of
programs, including the following:
The Homeownership Preservation office
Chase's Homeownership Preservation Office helps families stay in
their homes whenever possible by connecting homeowners with
counselors through a national help line and leading
foreclosure-prevention workshops and local training programs for
community leaders, housing advocates, public officials and
investors.
• Case managers on the toll-free help line received more
than 7,600 calls from non-profits, generating 2,900 new
cases.
• Chase worked with foreclosure-prevention programs in
Chicago, Cleveland, Dallas and Detroit as well as Colorado, Indiana
and New York. It has conducted dozens of workshops and trained more
than 2,600 counselors, advocates and public officials.
• The Homeownership Preservation Office served as a model
for the national HOPE NOW Alliance, which reaches out to connect
struggling homeowners with housing counselors and mortgage
servicers.
Small Business Administration loans
Chase made over 8,500 Small Business Administration loans in
fiscal year 2007, ranking second nationally in number of loans.
Chase was the largest SBA lender in Arizona, Illinois, Louisiana,
Michigan and in New York City, Dallas and Houston.
Certified Community Development
institutions
More than $670 million of loans and investments went to certified
community development financial institutions--two-thirds of
JPMorgan Chase's 10-year goal of $1 billion. In turn, the
institutions made loans to construct and rehabilitate affordable
housing, build health-care facilities, and provide small business
and micro-loans to entrepreneurs in lower-income communities.
For more information, visit www.chase.com.
