ATLANTA — There is a new boost to fight the affordable housing crisis in Atlanta. JPMorgan Chase is announcing $3.75 million in contributions to housing organizations.
In an exclusive interview, Chairman and CEO Jamie Dimon told Channel 2′s Linda Stouffer home ownership strengthens communities.
“That is what makes the country, one by one, one person, one house, one success story, one job. It lifts up everybody,” Dimon said.
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The nonprofit Atlanta Neighborhood Development Partnership is using the $2 million dollar commitment that their group is receiving to support an innovative new program.
They are buying investor owned homes and developing the properties into family owned homes. They also work with qualified buyers to match them with down payment assistance.
Ashani Collins O’Mard with ANDP says the nonprofit builds in efficiencies that can lower costs for qualified working families.
“The median average cost for a home in our market as of the end of last year was about $407,000. With programs like the ones that we have at ANDP, our home buyers are able to on average pay about $265,000 for a home,” O’Mard told Stouffer. “Being able to actually access affordable housing that creates wealth building opportunities for our families is a really big deal, particularly in this market.”
TODAY on Channel 2 Action News: You’ll hear from homeowners and advocates about the need for more affordable housing in Georgia, and real solutions.
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The Community Foundation for Greater Atlanta, Westside Future Fund, National Community Stabilization Trust and the Local Initiatives Corporation are also receiving grants.
Home buyers have seen costs skyrocket in recent years. The Community Foundation for Greater Atlanta says home prices have been rising faster than wages. Nationally, higher mortgage rates, record prices and a shortage of starter homes have made home ownership less accessible.
JPMorgan Chase hopes their involvement empowers local families. The company has been growing in Georgia, now employing more than 2,180 people in the state.
”Wherever we go, we’re there permanently, we’re not fair weather friends,” Dimon said.
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