In 2011 Chase pledged to award 1,000 mortgage-free homes to military families by 2016.
In October such donation amounted to more than 600 mortgage-free homes valued at roughly $62 million.
In addition Chase’s Community Revitalization Program assists local-based efforts to revitalize hard-hit communities and generate affordable housing for low-to-moderate income families by selling REO properties at discount prices, says Ryan Crowley, head of the Chase government and community partnerships division.
Since the launch of the program in 2009 Chase has donated or sold more than 5,300 properties in 43 states.
Through the program Chase has donated or sold at a discount to land banks thousands of vacant and abandoned homes, says Crowley.
After the transfer “Chase conducts post-renovation property inspections, tracks title filing and insures homes are sold within program parameters.”
For example, by September 30, 2013 Chase had donated or sold over 2,000 properties to local organizations in California of which about 500 were donations and 1,600 discounts.
Partnerships between for-profit and nonprofit organizations are the best example of how collaboration at the national level can help to stabilize housing markets, says Lot Diaz, vice president, housing and community development, National Council of La Raza, one of more than 450 organizations now working with Chase to demolish, renovate, sell or rent REOs in distressed areas.