The Chase Home Lending of JPMorgan Chase is offering $5,000 grants to home buyers in 180 Baltimore-area neighborhoods identified as majority Black.
The grants can go toward closing costs and down payments to buy homes in communities with low rates of homeownership and wealth creation, Chase said.
Chase said it’s aiming to help close the racial wealth gap by offering grants in 6,700 communities nationally that the U.S. Census has identified as majority Black. The lender’s $30 billion “Path Forward” commitment includes helping an additional 40,000 Black or Latinx families buy a home over the next five years, Chase said.
“This grant is a positive step in helping to stabilize and revitalize communities across the country,” Cerita Battles, head of community and affordable lending at Chase, said in an announcement.
In the final three months of last year, Black homeownership was 44 percent, the lowest rate among all minority groups, according to the U.S. Census.
Qualified customers can receive an additional $500 by completing a certified education course and getting a DreaMaker mortgage through Chase.
Chase Bank has been expanding in Baltimore, opening branches in Harbor East, Roland Park and Cherry Hill last year.