Boston—a hub for leading universities and life sciences research—has one of the highest median household incomes among major U.S. metropolitan areas. Even so, affordable housing is a persistent challenge. For quite some time, roughly half of renters across the five-county Greater Boston area have been cost-burdened, spending more than 30% of their income on housing.
Since 2016, Community Development Banking has provided more than $220 million in financing for Boston organizations, helping create opportunities for residents and ease the affordable housing shortage, including:
- $172 million to develop and finance 742 affordable rental homes
- $47 million in New Markets Tax Credit equity for schools, food access, health centers and other facilities that provide essential community services
- $4 million in Historic Tax Credit equity to preserve historic buildings, while adapting them for new uses
It’s one piece of the firm’s growing investment in Boston and the surrounding region. We’ve opened more than 95 Chase branches in Massachusetts since 2018 and signed on to sponsor an iconic Boston sporting event, the Head of the Charles Regatta. Our investments in the region are here to stay: JPMorganChase is making Boston’s newly constructed South Station Tower its new home, with plans to add more than 300 new jobs in the coming years.
Read More: Community Development Banking: Investing in Boston
