Aug 3 (Reuters) – JPMorgan said on Monday it was planning to deploy more than $750 billion into housing through 2035, in a push to increase supply and support homeownership in the U.S.
The planned deployment is part of JPMorgan’s American Dream Initiative, unveiled earlier this year, which also aims to spur local economic growth through increased small-business lending and expanded access to healthcare.
JPMorgan will look to boost housing by increasing mortgage lending by more than 40%, aiming to help finance houses for over 500,000 customers.
“An affordable and resilient housing market is essential to driving economic growth and increasing opportunity,” said Michelle Herrick, the bank’s head of commercial real estate.
The U.S. housing market has been subdued as elevated borrowing costs and steep price tags have pushed many prospective buyers to the sidelines.
(Reporting by Nupur Anand in New York and Utkarsh Shetti in Bengaluru; Editing by Anil D’Silva)
