JPMorgan Chase COVID Relief Plan for Houston Brings $1M-plus in Economic Aid From Chase

HOUSTON – ( Realty News Report) – Houstonians who’ve endured a series of COVID-19-driven economic obstacles had barely begun to see the light at the end of the tunnel this month when another setback rolled in.

Thousands of Houston-area families are now at risk of losing their homes since the state’s eviction suspension policy ended on May 18, said Sharon Zachary, executive director/CEO at ACAM, the Alliance of Community Assistance Ministries.

Help is arriving. JPMorgan Chase & Co. is committing more than a million dollars for immediate relief to Houston residents being hit hardest by economic fallout from the global pandemic.

Nearly three-quarters of the monetary rescue cash – some $750,000 – is being earmarked for ACAM to provide affordable housing to low-income households dealing with possible eviction and homelessness.

According to ACAM, the financial impact of COVID-19 and low oil prices put many local households at imminent risk of homelessness. Unemployment claims topped 407,000 in the Greater Houston area from March 1 to April 25, said the Greater Houston Partnership.

“The ACAM Network is facing a drastic increase in demand due to hardships facing the community,” Zachary said. “It is clear from the demand for assistance that the need is vast and the anxiety profound.”

“While most Americans have been impacted, families that can least absorb the shock are among the most affected both in terms of health and economic consequences,” she noted. “We appreciate the foresight and targeted investment of JPMorgan Chase to bolster the resilience of our region’s most vulnerable families.”

Other segments of the million-dollar-plus allotment from Chase to stabilize households and the nonprofit organizations on the front lines of responding to the crisis include:

• Financial Health: $115,000 to On the Road Lending to help individuals struggling with job loss or loss of income keep their cars by accessing affordable car loans and financial coaching resources.

• Strengthening Nonprofits:More than $165,000 to local nonprofit organizations like Kids Meals and SERJobs to help maximize their impact on hard-hit communities they serve by supporting their operations, staffing and technological needs.

“We are making investments to support vulnerable Houstonians in this time of crisis,” said Kristen Habich, Houston market leader for JPMorgan Chase, noting the firm “has a long history in Houston and a standing commitment to supporting our employees, customers, and community.”

In addition to the support for the work of ACAM and On the Road Lending, JPMorgan Chase is also assisting relief efforts by ECHOS, Greater Houston Recovery Fund, Houston Community College, Kids’ Meals, reVision, Target Hunger and Southern Smoke Foundation.

May 29, 2020 Realty News Report Copyright 2020