JPMorgan Chase is investing $750 billion through 2035 to support U.S. homeownership, aiming to finance one million affordable housing units and assist 200,000 first-time home buyers. The initiative, part of the bank’s broader American Dream Initiative, also supports small businesses and healthcare access. Michelle Herrick, head of commercial real estate at JPMorgan, emphasized that an affordable housing market is critical for economic growth.

The bank plans to increase mortgage lending by over 40% and has set aside funding for projects under a new housing-affordability law passed in June. This law streamlines environmental reviews and allows manufactured homes. JPMorgan has allocated $200 million for a San Francisco waterfront residential project with 342 units.

The investment aligns with efforts to address housing shortages and expand access to homeownership, particularly for first-time buyers.