The Philadelphia Tribune, July 13, 2021, JPMorgan is Calling for Reforms to Stop Racial Bias in Housing
JPMorgan Chase is throwing its considerable weight behind efforts to root out racial bias in the appraisal of homes in America.
As part of a new bank-wide commitment to fight housing inequality, JPMorgan is for the first time outlining specific legislation that can fight appraisal bias, backing the study of innovative ways to value homes and promoting efforts to boost sorely needed diversity in the appraisal industry.
Beyond appraisals, America’s biggest bank is promising to ease obstacles that make it harder for Black and Latinx households to buy homes, build wealth and access affordable housing.
“There are systematic barriers in housing — and we have a role to play in addressing them,” Heather Higginbottom, president of the JPMorgan Chase Policy Center and co-head of global philanthropy, told CNN Business.
That effort is highlighted by a new five-year $400 million philanthropic commitment that includes low-cost loans, equity and grants to nonprofits and affordable housing organizations. It’s part of a broader $30 billion pledge announced last October to ease racial inequality.