JPMorgan Chase said it is investing $750 billion through 2035 as part of an initiative to support homeownership in the U.S.

The nation's largest bank said it plans to provide financing for one million affordable housing units and will help half a million people buy homes. The investment is part of the company's broader American Dream Initiative that aims to support small businesses, broaden access to healthcare and other economic priorities.

"An affordable and resilient housing market is essential to driving economic growth and increasing opportunity," said Michelle Herrick, head of commercial real estate for JPMorgan.

JPMorgan said it plans to increase its current level of mortgage lending by more than 40%. The bank also said it aims to provide loans to 200,000 first-time home buyers.

Updates to follow as news develops.