JPMorgan Chase Invests in Fairfield County for Affordable Housing

According to the Fairfield County Community Wellbeing Index 2019, seven percent of adults did not have enough money for housing or shelter at some point in the preceding year.

The newly developed Fairfield County Center for Housing Opportunity (FCCHO) is a collective response and strategic partnership between Fairfield County’s Community Foundation( FCCF); Partnership for Strong Communities, Regional Plan Association, and Supportive Housing Works. The organization's goals are:

• Enabling and promoting the production and preservation of affordable housing in Fairfield County
• Creating opportunities for thriving, equitable communities
• Positioning housing opportunity a foundation for a healthy, regional economy.

“Thriving neighborhoods are critical for any region’s long-term success. Yet many neighborhoods are struggling from disinvestment, high poverty and unemployment, lack of affordable housing, persistent crime, and other challenges. As a result, many of the most vulnerable residents are shut out of the rewards of a growing economy,” states Matt McSpedon, JPMorgan Chase Connecticut Market Leader. “We know that the future of our business depends on the wellbeing of our communities. Our investment in Fairfield County is critical to the region and we are proud to partner with the organizations that are undertaking this work.”

JPMorgan Chase & Co.’s philanthropic mission is to drive inclusive growth and create an economy that works for all. There is a pressing need to enable more people to share in the rewards of a growing economy, this is not simply about being a good corporate citizen, it is a business imperative.

The three-year strategic plan for Fairfield County’s Community Foundation includes:

• Moving people from homelessness to housing stability, and providing needed supportive services
• Preserving and increasing access to affordable housing for low-income households
• Creating sustainable communities of opportunity by increasing equitable access to vital resources with a focus on community health, civic health, food security, transportation, and workforce development

When the FCCHO was conceived, it was agreed that a data-driven strategic approach would drive this initiative. JPMorgan Chase’s investment is helping to create forward-looking data and planning tools to help community leaders better address the biggest challenges facing their communities and introduce a more diverse stock of housing, equipped to sustain a new Connecticut economy.

The Fairfield County Community Wellbeing Index 2019, found that nearly 40 percent of households are either housing cost-burdened – meaning that they spend more than the recommended 30 percent of income on housing or are severely housing cost-burdened, meaning they spend more than 50 percent of their income on housing. Renters are generally at a higher risk for housing instability with research indicating 28 percent of renter-occupied households are severely housing cost-burdened.

The Community Foundation’s participation in the Housing Center builds upon its history of increasing the supply of affordable housing by building the capacity of nonprofit housing developers.

“In light of the COVID-19 crisis and heightened need to reduce disparities in our county, JPMorgan Chase’s investment is indeed a major leap for our region. With their support and commitment, we can address emergency needs and advance Fairfield County through impactful solutions to achieve housing equity and improve community vitality for all who call our region home,” states Juanita James, President and CEO, Fairfield County’s Community Foundation. She continues, “Connecticut’s economy is significantly changing, and our community needs stable, sustainable places for everyone to live. Fairfield County’s Center for Housing Opportunity gives us the strength and knowledge to help achieve this.”

Learn more at FCCFoundation.org.