Fannie Mae is offering $10 million for solutions to the country’s affordable housing issues. The government-sponsored enterprise issued its Sustainable Communities Innovation Challenge earlier this week.
As part of the Challenge, Fannie Mae is requesting proposals from the public, private, and nonprofit sectors for “promising ideas that will help it address the nation’s affordable housing issues,” the GSE reported.
According to Jeffery Hayward, EVP and Head of Multifamily at Fannie Mae, the Challenge is part of the GSE’s overall mission to serve the American consumer.
“The Challenge is a responsible way for Fannie Mae to uncover and explore innovative solutions to help address the affordable housing crisis in America,” Hayward said. “It supports our broad mission to increase housing opportunities across the country that are safe, sustainable, and affordable. We are excited to collaborate with new partners to source innovative ideas from other sectors.”
There will be three parts to the Challenge. The first will focus on the research, design, and development of solutions, and proposals will be accepted through February 23, 2018. Specifically, Fannie is looking for ideas that “expand access to affordable housing in sustainable communities where strong employment opportunities are typically accompanied by high housing costs and improve access to quality employment opportunities for residents of existing affordable housing, while making sure housing is affordable to more people.”
The Challenge is just one part of Fannie’s overall Sustainable Communities Partnership and Innovation initiative, which aims to develop “safe, stable, and thriving communities that provide residents with integrated access to quality affordable housing and opportunities for employment, health and wellness, and education.”
According to Marie Evans, VP of the Sustainable Communities Partnership and Innovation initiative, the Challenge is designed to tap resources across sectors and industries.
“Housing is inextricably linked to the broader community,” Evans said. “Accordingly, we recognize that in order to affect systemic change, affordable housing must be approached holistically, by focusing on where it intersects with key components of a sustainable community. With The Challenge, we are looking for new concepts, designs, and ways of solving our nation’s affordable housing issues from innovators who are working inside and outside of the traditional housing industry. Great ideas can come from anywhere.”
To learn more about the Challenge, click here.