The investment banking company JPMorgan Chase is donating $1.3 million to Colorado’s COVID-19 eviction defense program, the company announced Friday.
The Colorado COVID-19 Eviction Defense Project supports eviction prevention in the state by providing tenants with resources including rental assistance, negotiation services, legal services and rehousing placements.
The company's $1.3 million two-year investment comes as approximately 25% of renters in Colorado could be at risk of eviction by the end of the year, according to the project.
"Colorado is in the midst of an affordable housing crisis,” said Zach Neumann, executive director of the project. “This investment will allow us to immediately expand our continuum of care model to thousands of additional renters in the Denver metro area, providing them with urgent eviction prevention services."
Last year, JPMorgan Chase provided Colorado organizations with two $500,000 grants to address affordable housing challenges, the company said.
The first grant funded Enterprise Community Partners’ program to help affordable housing nonprofits navigate pandemic-related challenges. The second grant went to the Neighborhood Development Collaborative and the Denver Foundation to assist nonprofit housing providers with pandemic-related revenues loss and increased costs.
“Access to safe, affordable housing is key to building wealth but out of reach for far too many families,” said Heather Higginbottom with JPMorgan Chase. “(This) announcement will help promote immediate housing stability for underserved households and is one step toward our goal of addressing barriers to affordable housing and homeownership, especially for Black, Latino and Hispanic families.”
The $1.3 million donation is part of JPMorgan Chase’s commitment to give $8.4 million to six organizations improving household stability for Black, Hispanic and Latino and other underserved households, the company said.
The other five organizations are the Community Justice Project in Florida, Community Legal Services in Pennsylvania, Equal Justice Works in Virginia, Neighborhood Housing Services of Chicago in Illinois and Texas Housers in Texas.