JP Morgan Chase to announce $7 million investment for underserved households

WASHINGTON — JPMorgan Chase announced its plan Wednesday to invest more than $7 million in three nonprofits to improve the quality of housing in the District. These nonprofits have announced their plans to use this investment to improve stability and affordability in Wards 4, 5, 7 and 8.

The announcement marks two years of JPMorgan Chase's five-year commitment to improving housing for the underserved. Over five years, the financial firm has committed just over $400 million to increasing the stability of such households.

The CEO of Home Lending, Mark O’Donovan, announceed the investment with fellow representatives. Three other representatives at the event include a member from the Coalition for Nonprofit Housing and Economic Development (CNHED), the National Housing Trust (NHT) and Manna. O’Donovan discussed the impact of the $400 million commitment to help close the housing affordability gap.