Wells Fargo, Enterprise Launch $20M Affordable Housing Ideas Challenge
The banking giant is partnering with affordable housing nonprofit Enterprise Community Partners on the Housing Affordability Breakthrough Challenge. The national competition is aimed at finding innovative and scalable solutions to matters like construction costs, financing and resident services.
The challenge would award six $2M grants, and Enterprise will offer two years of advisory services to assist in implementing the winning proposals. Responses for the first round of requests for proposals are due by Feb. 19. Finalists would then be narrowed down over two additional rounds, and the six grant recipients will be announced this summer.
“What we know and realize is that the housing crisis in this country is large and a heavy lift,” Wells Fargo Foundation Senior Vice President of Housing Affordability Philanthropy Connie Wright said. “We can’t solve it alone.”