JPMorgan Chase is awarding $5 million over three years to a new Boston Medical Center-led initiative aimed at preparing residents of inner-city neighborhoods for better paying jobs and increasing access to affordable housing.

The financial services giant and the hospital plan to announce on Thursday that Boston is the latest winner in its “AdvancingCities” Challenge. JPMorgan Chase’s money will help help fund the new initiative, dubbed the Boston Opportunity System Collaborative.

Dr. Megan Sandel, a pediatrician leading the effort for BMC, said the money would pay for occupational support services for 1,100 people in Mattapan, Dorchester, and Roxbury, with a goal of finding living-wage jobs for at least 500 of them, including at hospitals as well as biotech and tech companies. Some money will also go toward creating 100 new affordable housing units, and preserving another 150 units.