Finding an affordable place to live continues to be a challenge for many Americans as housing shortages persist across the country. Rising home prices and elevated interest rates have made homeownership inaccessible for many families. At the same time, increasing rental demand has placed additional financial pressure on renters nationwide.
The State of the Nation’s Housing 2025 report from Harvard University’s Joint Center for Housing Studies found that renter cost burdens reached another record high in 2023. Similarly, the JPMorganChase Institute reports that renter affordability continues to decline, forcing many households to devote a larger share of their income to housing costs.
The growing need for affordable housing is especially evident in Washington, D.C., where rapid development and rising costs continue to impact longtime residents and working families.
To help close that gap, organizations like Preservation of Affordable Housing (POAH) are working to create housing options that support residents across a range of incomes and needs.
Rebuilding Barry Farm in D.C.
In Washington, D.C., the redevelopment of Barry Farm is focused on strengthening community infrastructure alongside expanding housing access.
Developed by POAH and supported by JPMorganChase, Hillsdale Flats is one of three residential communities planned within the larger Barry Farm redevelopment initiative, which is expected to include nearly 1,000 housing units.
Beyond new housing, the broader redevelopment plan includes upgraded public utility systems, eco-friendly landscaping, community-serving retail space and a large central park designed to host programs and services for residents.
By combining housing with public infrastructure and community gathering spaces, Hillsdale Flats aims to support long-term neighborhood stability and economic opportunity.
“Rebuilding Barry Farm is about more than housing, it’s about restoring opportunity and strengthening a community with deep roots in D.C.,” said Maia Shanklin-Roberts, Vice President of Real Estate Development at POAH. “Through our partnership with JPMorganChase, we’re investing in homes, infrastructure and spaces that support long-term stability and ensure residents can grow with their neighborhood.”
A Broader Commitment to Washington, D.C.’s Future
While housing is a foundational need, community development also requires access to economic opportunity and financial resources.
JPMorganChase says it serves approximately 170,000 customers in Washington, D.C., and has invested more than $60 million in local nonprofit organizations over the past five years. The firm also reports supporting 15,000 small business clients and providing financial health education to thousands of residents.
The organization says those efforts are designed to expand access to banking services, financial wellness resources, homeownership opportunities and long-term wealth-building tools.
“As we work with local stakeholders to expand housing options, JPMorganChase’s goal is to create inclusive economic opportunity for all,” said Brett Macleod, Executive Director, Community Development Banking and Chair of the Mid-Atlantic Market Leadership Team at JPMorganChase. “When our communities thrive, we all thrive.”
Learn more about affordable housing and community development at JPMorganChase Commercial Real Estate Development.
