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Fannie Mae Working to Improve Homeowner Conditions and Affordability

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Fannie maeA good chunk of Americans cannot afford to live in areas near better schools and childcare, according to a poll conducted by Fannie Mae. According to the survey, 46% of American adults said they would prefer to live in a community with access to better schools and/or childcare, but cannot afford to do so; while 58% say communities with better job opportunities are too expensive for them to live in.

"When families live in stable and affordable homes in a sustainable community, they have greater opportunities to prosper in other aspects of life, including educational and economic advancement," said Maria Evans, Vice President of Sustainable Communities, Fannie Mae. "When nearly 6 in 10 Americans have to sacrifice economic opportunities and nearly half have to sacrifice quality education and childcare because of housing affordability, it's clear we need to bring new ideas to the marketplace."

"The affordability, quality, and location of where one lives has substantial implications for outcomes in education and economic mobility," said Evans. "Through the Sustainable Communities Initiative, Fannie Mae aims not only to create stability through housing, but also to catalyze opportunities in education and forge pathways to economic mobility."

To address these housing affordability concerns, Fannie Mae announced a Call for Ideas [1] to identify innovative solutions. This is part of Fannie Mae’s Sustainable Communities Innovation Challenge (The Challenge) [2] a two-year, $10 million commitment by Fannie Mae to find promising solutions that address the nation's shortage of affordable housing through partnerships in sectors adjacent to housing.

“We recognize the value in breaking down silos to work with new partners on issues that are inextricably linked to affordable housing in order to create comprehensive solutions,” said Fannie Mae’s VP of Sustainable Communities Maria Evans. “We are fostering sustainable communities by incubating innovative ideas that directly address our mission to bring affordability and stability to underserved areas and help ensure those residents have access to healthy, affordable, safe places to call home.”