Chase Home Lending announced today that it’s expanding its $5,000 Homebuyer Grant Program to include additional Hispanic and Black communities in Fort Worth and 15 other markets. With the expansion, the grant is now available in more than 14,000 communities nationwide.
“We’re proud to further expand the Chase Homebuyer Grant because it helps make the journey to homeownership a little bit easier,” Cerita Battles, head of Community and Affordable Lending at Chase, said in a statement. “This grant program also serves as a meaningful investment in places that have been historically disinvested—helping to stabilize and revitalize Black, Hispanic, and Latino neighborhoods across the country.”
Aimed at two of ‘the biggest barriers to homeownership’
The Chase Homebuyer Grant can be applied toward two of “the biggest barriers to homeownership”—upfront cash for a down payment and closing costs.
The grant is available on DreaMaker, Standard Agency, FHA, and VA mortgages It can be used toward closing costs, down payment, and/or for points that can reduce the interest rate. It’s available on properties located in designated census tracts, and is only eligible for purchase mortgages on a primary residence.
Grant first offered in 2021
New York-based Chase Home Lending introduced the $5,000 Homebuyer Grant in 6,700 predominantly Black census tracts across the country back in 2021.
In 2022, Chase expanded the grant to over 5,000 Hispanic communities in 20 markets across the U.S. With today’s announced expansion, Chase has now expanded the grant for coverage of additional communities in Fort Worth, as well as in the following markets:
- Atlanta
- Austin
- Baltimore
- Charlotte
- Denver
- Fort Lauderdale
- Fort Worth
- Las Vegas
- Minneapolis
- New York
- Orlando
- Riverside (CA)
- San Antonio
- San Diego
- Tampa
- Washington, D.C.
Boosting ‘buyer accessibility and eligibility’ for the grant
Chase says buyer accessibility and eligibility for its Homebuyer Grant has “increased significantly in key markets such as San Antonio, Riverside, Fort Lauderdale, Las Vegas, San Diego, and Washington, D.C.,” noting that San Antonio now has 65% coverage of its communities, up from 0%; Riverside sees an increase to 61% coverage of its communities, up from 0%; Fort Lauderdale’s coverage has increased to 63% from 19%; Las Vegas has seen an increase to 38% and San Diego to 30%.
Meanwhile, total market coverage in New York has increased from 16% to 28%, and in Washington, D.C., from 21% to 36% coverage.
Part of a special purpose credit program
The $5,000 grant is part of a special purpose credit program that Chase developed in accordance with federal legal requirements, the bank said, adding that “It’s available for purchases of properties in communities identified by the U.S. Census as majority-Black, Hispanic or Latino.”
To see if a property qualifies for the $5,000 grant, buyers can contact a Chase Home Lending Advisor or use Chase’s Homebuyer Assistance Finder, where they can also find additional grants and programs they may qualify for.
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