The U.S. has a severe housing shortage, and that shortage has pushed prices up. With the midterm elections approaching, housing costs are a major worry for voters, and mortgage rates have climbed to their highest point in 12 months.
On August 3, 2026, JPMorgan Chase announced that it plans to put $750 billion into U.S. housing over the next 10 years. According to the bank, its plans include backing the creation or rehabilitation of one million affordable homes and helping half a million consumers become homeowners. That planned total is nearly 40% more than what JPMorgan put into housing over the previous 10 years.
CEO Jamie Dimon has prioritized investing more in U.S. communities, and this plan advances that goal. This plan extends the American Dream Initiative, a six-part program the bank announced earlier this year. That program covers housing, small businesses, and financial health.
"Solving housing is complex: the capital stacks are complex, the local discussions are lengthy to be well thought out, and it takes all constituents rowing in the same direction," said Michelle Herrick, who leads JPMorgan's commercial real estate business.
The U.S. housing market is under pressure from both sides: demand remains strong while the supply of available homes lags, and higher mortgage rates have added another hurdle for buyers. JPMorgan's plan is designed to address the supply side by funding construction and preservation of affordable homes, while its lending and counseling programs aim to help buyers navigate the market.
The new 10-year commitment adds explicit dollar and unit targets. It comes as JPMorgan looks to expand its share of the mortgage market while continuing to lend to commercial real estate, where multifamily properties are a major part of the portfolio. The supply of homes has not kept up with demand, keeping prices high and putting homeownership out of reach for many.
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The bank is not starting from scratch. The bank already leads its banking peers in home loan originations, and multifamily lending represented more than half of its commercial real estate portfolio as of the close of the first quarter.
The pledge builds on JPMorgan's existing strengths in both home lending and commercial real estate. By adding explicit targets for affordable housing, the announcement gives investors and policymakers a way to measure the bank's progress over the decade.
The $750 billion target is a sharp escalation from the previous decade, during which the bank's housing investment was roughly $536 billion.
The bank says it will use a mix of lending, equity, and grants, and it will collaborate with other market participants. According to Herrick, the bank wants more lenders to take part.
The plan covers both building new affordable housing and preserving existing ones. The bank also aims to support 500,000 consumers in buying homes and is hiring 850 home-lending advisers, with a goal of increasing its home-loan volume by more than 45%.
"We're out trying to grow and take market share," said Sean Grzebin, who runs JPMorgan's home-lending business.
He also said: "We think the system is safer when banks participate."
JPMorgan says it will also push for "pro-growth housing policies," and it will serve as chair of the Housing Advisory Council at the U.S. Chamber of Commerce.
When JPMorgan announced the plan, its stock was at $354.52, up 0.78%.
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