Apr. 15—Homewise, the New Mexico-based community finance institution, says it plans to use a recent philanthropic investment for a small-dollar loan credit-building program to help its clients build stronger credit scores and save money on down payments for home purchases.

The organization, which has offices in Santa Fe and Albuquerque, announced last week it received $1 million from JPMorgan Chase — money that comes as part of the financial institution's Housing Innovation Program in partnership with the Urban Institute.

"Two of the most significant barriers to homeownership for low- and moderate-income households are low credit scores and lack of savings for the necessary down payment. With this generous investment, Homewise is looking to drive systems change by providing a new avenue for credit improvement and savings," Homewise CEO Mike Loftin said in a statement. "We believe this program will be another tool in our chest to help bridge the racial homeownership gap in New Mexico."

The JPMorgan Chase investment, according to a news release, comes as part of a $20 million investment into eight organizations across the country in cities such as Pittsburgh and Denver.