JPMorgan Chase Awards Housing Group $500K Grant
JPMorgan Chase awarded a leading Connecticut nonprofit organization $500,000 to expand its housing affordability model across the state.
The Housing Collective is a Bridgeport-based nonprofit that works to deliver equitable, safe, affordable housing solutions for Connecticut families.
The grant from JPMorgan Chase will support the organization’s efforts to replicate its Fairfield County Center for Housing Opportunity model in Litchfield, Windham, Tolland, and New London counties.
“Homeownership is a critical component of economic empowerment,” said JPMorgan Chase vice president of global philanthropy Rafia Zahir-Uddin.
“And that goal is far out of reach for too many families and individuals across Litchfield County and Eastern Connecticut.”
Affordable Housing Model
The Housing Collective created CHO in 2018 to address Fairfield County’s housing shortage and make housing accessible to people of all incomes.
The initiative, in partnership with Fairfield County’s Community Foundation, Partnership for Strong Communities, and Regional Plan Association, established the first aggregate inventory of affordable homes in the state.
The grant will allow the Housing Collective to put that model into place in northwest and eastern Connecticut.
“Our communities deserve housing options that work for all of us,” added Housing Collective president and CEO David Rich.
“This transformational grant takes us one step closer to supporting and enabling the preservation, production, and protection of housing that is safe, affordable, and accessible to all.”
The organization plans to take a data-driven approach to addressing regional housing challenges.
This includes data analysis on the housing supply and demand in the regions.
The goal is to support the production of affordable homes, preserve existing inventory, and protect options in every community.
The organization will use the data to inform leaders and policymakers and measure progress toward meeting housing goals.
“The lack of workforce housing options is a key issue facing Connecticut businesses,” said CBIA president and CEO Chris DiPentima.
“It’s great to see a company like JPMorgan step up to support an organization focused on finding a creative, sustainable approach to help solve the problem and grow the state’s economy.”
The Fairfield County Center for Housing Opportunity was recently recognized as a model to address the nation’s housing crisis.
The Council on Foundations and the U.S. Department of Housing and Urban Development awarded the organization the 2023 Secretary’s Award for Public-Philanthropic Partnerships
“The Center for Housing Opportunity is leading the way through this collaborative regional approach to address our region’s most pressing issue,” said Zahir-Uddin.
“This investment will help more people access affordable housing, which helps build their credit, savings, assets and financial opportunity.”
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