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SAN FRANCISCO, Calif. (KRON) – Fighting homelessness in the Bay Area just got a big boost. 

JPMorgan Chase announced on Wednesday that they are making a $22-million investment to help develop and preserve affordable housing. 

This announcement is really part of an even bigger commitment JPMorgan Chase has devoted to the homeless crisis affecting our area.

In fact, they plan to invest $75-million over the next five years.

“We are starting with 22 million for new affordable housing, these organizations we are working with have a history with this type of work, we want to be with innovative ideas and we want to have and give the capital to do so,” Allen Fernandez Smith with JPMorgan Chase said.

Allen Fernandez Smith unpacked the details of the company’s large investment and why it is significant to get involved now.  

He talked about the studies of how homelessness is affecting so many and in so many harmful ways.

“We know health and depression are rising due to homelessness,” Smith said. 

He elaborated on the specifics of how they plan to get the right to work and make a difference. 

“For example, we are looking to buy and spend 6 million dollars on small units, that is better,” Smith said.  

This commitment is referred to as JPMorgan Chase’s advancing cities initiative and this latest announcement comes on the heels of Kaiser Permanente giving $30-million in equity to aid in acquiring housing and ensuring affordability. 

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