Although the housing challenges facing millions of Americans often seem intractable, organizations from across the U.S. are collaborating to deliver fresh, innovative and scalable ideas to create housing affordability solutions with support from Enterprise Community Partners and Wells Fargo.
Through the Housing Affordability Breakthrough Challenge, a nationwide competition that began in January 2020, six winning organizations will each receive $2 million in grants and two years of technical assistance valued at $500,000 to bring innovative concepts to market. Winning breakthrough ideas include building more equitable, healthier and resilient homes that radically reduce carbon emissions, re-engineering the affordable housing delivery system, and rethinking community reentry by building dignity through a home.
"Housing affordability is directly tied to racial equity, and both are urgent issues fundamentally impacting every community in our country. That is what makes the Breakthrough Challenge so important right now," said Priscilla Almodovar, chief executive officer at Enterprise Community Partners. "We're thrilled to support our grantees and the next generation of housing solutions through these six visionary proposals. Enterprise is incredibly grateful for the generous financial resources and tremendous expertise brought by the Wells Fargo team throughout the competition."
With three focus areas ? housing construction, housing finance, and resident services and support ? the competition drew close to 900 applications from 49 states, Washington, D.C., and Puerto Rico. After two application rounds, 15 finalists were invited to offer a detailed application proposal and present a 10-minute virtual pitch to an independent panel of judges composed of leading national affordable housing and community development experts. Two winners were chosen from each focus area.
"Too often good ideas are overlooked because they need expertise and resources to bring them to scale," said Nate Hurst, president of the Wells Fargo Foundation. "We are delighted to join Enterprise Community Partners to engage creative innovators with know-how, technical skill, and imagination, who are now awarded catalytic funding to transform their housing affordability ideas into real solutions on the ground."
The Housing Affordability Breakthrough Challenge is part of Wells Fargo's $1 billion commitment to support housing affordability solutions nationwide by 2025.
The six organizations that will receive $2.5 million awards each and their breakthrough ideas are:
Resident Services and Support
For more information on the competition, as well as the finalists and their winning proposals, visit the Housing Affordability Breakthrough Challenge website.
Enterprise?is a proven and powerful nonprofit that improves?communities and people's lives by?making well-designed homes affordable and connected to opportunity.?As a social enterprise, we bring together the nationwide know-how, policy leadership, partners, donors and investors to multiply the impact of local affordable housing development. Over more than 35 years, Enterprise has created 662,000 homes, invested more than $52.9 billion and touched millions of lives. Join us at www.enterprisecommunity.org. | Twitter: @EnterpriseNow.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune's 2020 rankings of America's largest corporations. News, insights and more information on the company's overall corporate responsibility are available at Wells Fargo Stories and www.wellsfargo.com/impact. Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
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