JPMorganChase plans to deploy more than $750 billion through 2035 to help build or preserve 1 million affordable homes and assist 500,000 people with buying a house. The commitment represents a nearly 40% increase from the housing capital the bank deployed during the previous decade.

Through its American Dream Initiative, the bank will increase mortgage lending by more than 40% and hire 850 Home Lending Advisors. Of the 500,000 prospective buyers it plans to serve, 200,000 are expected to be purchasing their first home.

The initiative will combine mortgages with financing for housing developers, nonprofit organizations, and local governments. JPMorganChase also plans to work with community groups on down payment assistance and other programs that can lower borrowing costs. Modular and manufactured homes are among the construction options being considered for future loan products.

“Homeownership has always been at the heart of the American Dream,” said Sean Grzebin, CEO of Chase Home Lending. “Our goal is to make the path to homeownership clearer and more accessible for more people.”

San Francisco will be one early focus. JPMorganChase plans to provide nearly $200 million for a 342-unit residential building at the Power Station development and invest up to $15 million in Fifth Space’s Essential Housing Fund. The fund is expected to support 250 homes in the city’s Potrero Hill neighborhood. Another $6 million in grants will go to organizations working to increase California’s housing supply.

The bank will also chair the U.S. Chamber of Commerce’s new Housing Advisory Council and advocate for policies addressing zoning, permitting, building codes, and housing tax credits. JPMorganChase said those policy changes could make it faster and less expensive to build homes while allowing private financing to reach more projects.

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