Chase Expands Grant Program to Help Families Buy a Home and Stabilize Minority Communities
Chase expands program to offer $5,000 for upfront costs as part of its $30 Billion Path Forward commitment.
February 17, 2021, NEW YORK -- Chase Home Lending today announced the expansion of its grant program to $5,000 to help more customers cover closing costs and down payment when buying a home in 6,700 minority neighborhoods nationwide.
Qualified customers can receive an additional $500 by completing a certified education course and getting a DreaMaker mortgage through Chase.
Increasing the grant to $5,000 and expanding it geographically is another step in the firm’s
$30 billion Path Forward commitment to help close the racial wealth gap. That includes helping an additional 40,000 Black or Latinx families buy a home over the next five years.
“This grant will help stabilize and revitalize communities across the country,” said Cerita Battles, head of Community and Affordable Lending at Chase. “We’ve hired more people to reach Black and Latinx communities and are redesigning our mortgages to help more families achieve homeownership.”
The grant is designed for properties in the 6,700 communities identified by the U.S. Census as majority Black because that is where the lowest homeownership rates are. For example, in 2019, the Black homeownership rate fell to 42.1 percent, the lowest among all minority groups. We will continue to expand our programs to help increase homeownership nationwide.
Chase’s 2021 Homebuyer Grant:
- Available on DreaMaker, Standard Agency, FHA and VA mortgages
- $5,000 can be used toward closing costs and down payment
- Can be combined with $500 Chase homebuyer education benefit (available on income-based DreaMaker mortgage)
- Based on property Census tract requirements, in compliance with fair lending requirements
- Eligible for purchase mortgages on a primary residence only
Why is Chase offering home loans to LatinX families in majority black neighborhoods? Why did they not offer the majority LatinX neighborhoods to black families?
Call it a slush fund, call it racist. Whatever you want.