JPMorgan Chase has announced a five-year, $75 million investment aimed at closing the racial wealth gap through the use of philanthropic capital and flexible low-cost loans in the Greater Washington, D.C., area.

The commitment is focused on providing philanthropic capital and flexible low-cost loans, with Baltimore receiving $20 million, an additional $20 million split between Wards 7 and 8 in the district, and the remaining $35 million divided among groups across the Mid-Atlantic region. The new investments include support for an effort to connect women to wealth building opportunities and a long-term affordable housing initiative designed to advance systems change.

As part of its annual competition to source innovative and sustainable ideas to advance equity in communities across the United States, JPMorgan Chase awarded two grants of $5 million over three years in support to efforts in the district and Baltimore working toward wealth equity for Black and Latina women. In the Washington area, Martha’s Table, LIFT-DC, Venture Philanthropy Partners+ Raise DC, American University, Trinity Washington University, and the Urban Institute will launch the Advancing Early Education Collaborative. In Baltimore, the funding will support the POWER: Prioritizing Our Women’s Economic Rise collaborative, which includes Latino Economic Development Center of Washington, D.C., University of Maryland Baltimore’s Community Engagement Center, Black Women Build Baltimore, Baltimore D.C. Building Trades, Byte Back and Baltimore Community Lending.

In addition, the firm announced a three-year, $2 million commitment to Parity Homes to help build a pathway for homeownership and community-building; a three-year, $1.5 million grant to Equal Justice Works in support of its work to bring together a group of lawyers and community organizers to increase access to high-quality legal services and tenant resources for low-income Black and Latinx/Hispanic households, and residents of public housing, and a three-year, $1.95 million commitment to the Coalition for Nonprofit Housing and Economic Development in support of a multi-sector effort to help Black, Latinx/Hispanic residents build wealth by increasing the supply of safe, affordable housing and developing pathways for local ownership.

“We are focused, in Washington, D.C., on how we give more residents a fair shot and make our city’s prosperity more inclusive. Part of that work means bringing together public, private, and philanthropic partners to make strategic investments in the people and communities that need them most. And that’s what we’re doing here,” said Mayor Muriel Bowser. “This investment from JPMorgan Chase, an investment in Black and Latina women, in early education, and in affordable housing, will give more families in D.C. the fair shot they deserve.”

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