POAH Receives $1 Million Grant from JPMorganChase to Launch POWER Program Supporting Financial Health for Affordable Housing Residents
Innovative Initiative Provides Holistic Financial Wellbeing Services to 7,000 Low-to-Moderate Income Renters Across POAH's National Portfolio
BOSTON, MA – June 17, 2025 – Preservation of Affordable Housing (POAH), a leading nonprofit developer, owner, and operator of affordable housing, today announced it has received a $1 million grant from JPMorganChase to launch POWER (Providing Opportunities for Wellbeing and Equity for Renters). This multi-year program will help low-to-moderate income (LMI) residents across POAH’s affordable housing communities achieve financial stability and build wealth through comprehensive financial health services.
The POWER program represents a groundbreaking approach to supporting affordable housing residents by addressing multiple dimensions of financial health. Working in collaboration with nonprofit organizations and mission-aligned fintech companies, the initiative will pilot innovative models while scaling proven best practices to reach approximately 7,000 residents across POAH's national portfolio, with a focus on properties in Miami and Chicago.
"POWER recognizes that affordable housing is just the foundation,” said Aaron Gornstein, President and Chief Executive Officer of POAH. “Our residents also need access to tools and services that help them build wealth and achieve economic mobility. This program will pilot innovative solutions that we hope can be scaled across the affordable housing sector."
Comprehensive Approach to Financial Health
The POWER program will implement three key pilots:
• Workplace Financial Wellbeing Benefits for POAH employees to enable them to better support residents
• Credit Building Services for residents, including rent reporting and an opt-out approach to maximize participation
• Behaviorally-Designed Outreach Strategies to drive resident engagement
The program will also scale existing evidence-based models, including:
• Personalized Financial Coaching tailored to the unique needs of POAH’s residents
• Expansion of the Family Self-Sufficiency Program to help residents build assets
• Connectivity to Affordable Financial Services, including online rental payment platforms
Expected Impact and Systems Change
Through POWER, POAH aims to help residents achieve measurable financial health outcomes, including:
• 500 individuals increasing long-term savings
• 3,500 individuals improving their credit scores
• 500 individuals establishing credit for the first time
• 750 individuals achieving specific financial goals
• 360 individuals saving for three consecutive months
Beyond direct services to residents, POWER is designed to generate evidence and best practices that can inform systems change across the multifamily affordable housing sector. The program will document effective approaches to financial health programming in affordable housing settings, creating a replicable model for other housing providers nationwide.
"We are proud to support innovative partnerships like POAH’s POWER Program, which are essential for creating opportunities that help individuals achieve their financial goals,” said Mercedeh Mortazavi, Head of Financial Health, Global Philanthropy at JPMorganChase. "By offering comprehensive financial wellbeing services, this initiative empowers residents to enhance their financial resilience and wealth—ultimately fostering thriving communities,”
About POAH
Preservation of Affordable Housing (POAH) is a mission-driven nonprofit organization that preserves, creates, and sustains affordable, healthy homes that support economic security and access to opportunity for all. POAH has built or preserved 140 housing communities across 13 states and the District of Columbia, providing more than 14,000 affordable homes. The organization is committed to ensuring that residents have access not just to quality affordable housing, but to the comprehensive services and opportunities they need to thrive. Learn more at www.poah.org.
About JPMorganChase
JPMorganChase believes that communities flourish when people have access to opportunities, which is why the firm is committed to advancing an economy that works for all. This support is part of the firm’s holistic approach to driving financial health outcomes, particularly within underserved communities. Across products and services, and through support for innovative philanthropic solutions, the firm is committed to helping individuals build financial stability and resilience, while creating and protecting wealth. Learn more at www.jpmorganchase.com/impact.
POAH Media Contact: Maria Plati, mplati@poah.org
JPMorganChase Contact: Shannon Hampton, shannon.hampton@jpmchase.com