Wells Fargo and Enterprise Community Partners Launch the Housing Affordability Breakthrough Challenge
January 15 2020 - 6:55AM
Business Wire
Competition will award $12 million in grants for six innovative
proposals that advance creative housing affordability solutions
Wells Fargo and Enterprise Community Partners today opened the
application process for the Housing Affordability Breakthrough
Challenge, a nationwide search for the most innovative, scalable
and viable ideas to increase housing affordability solutions. The
competition, which is expected to draw hundreds of applications
from around the U.S., will award six grants of more than $2 million
each, in addition to providing two-years of technical assistance
from Enterprise to help turn the grantees’ concepts into
reality.
“Transformative change in communities happens when the best
ideas are paired with the right mix of resources and technical
know-how, and the Housing Affordability Breakthrough Challenge
allows us to do that six times over,” said Enterprise Senior Vice
President of National Initiatives Melinda Pollack. “This incredible
commitment from Wells Fargo will elevate and scale promising new
ideas that will create real change for the millions of families who
lack access to quality affordable homes nationwide.”
Winning proposals will detail scalable solutions that
specifically address one of the challenge’s three focus areas:
- Housing construction
- Housing financing
- Resident services and support
Responses to the first-round request for proposals are due Feb.
19, 2020. Enterprise will facilitate a review process to select up
to 40 finalists for the second-round request for proposals. Fifteen
finalists will be invited to the Challenge’s third and final round
including participating in a pitch competition. The final six grant
recipients will be named this summer.
The Housing Affordability Breakthrough Challenge is part of
Wells Fargo’s $1 billion commitment to support housing
affordability solutions across the U.S. by 2025.
"Together with Enterprise Community Partners, we will engage
with creative innovators who have know-how, technical skill,
imagination — and with catalytic investment — can transform housing
affordability ideas into real action on the ground,” said Eileen
Fitzgerald, head of housing affordability philanthropy with the
Wells Fargo Foundation. “With the Housing Affordability
Breakthrough Challenge, we are bringing forward our financial
resources combined with our business expertise to inspire vitally
needed scalable and effective housing affordability solutions.”
The challenge is open to applicants in all 50 states, as well as
Puerto Rico and the U.S. Virgin Islands. Proposals may cover
single-family or multifamily housing, can assist homeowners or
renters and can focus on any sector of the community, including
children, youth, families and seniors.
For more information and to read the request for proposals,
visit the Housing Affordability Breakthrough Challenge website.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 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 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 260,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations. With its
corporate philanthropy, Wells Fargo aims to pave a path to
stability and financial success for underserved communities by
applying a problem-solving mindset to housing affordability, small
business growth, and financial health, among other local community
needs. In 2018, Wells Fargo donated $444 million to nearly 11,000
nonprofits. For 10 consecutive years, Wells Fargo has held the
honor of No. 1 in workplace giving by United Way Worldwide. Wells
Fargo team members also actively support communities by donating
more than 2 million hours of volunteer time in the last year. News,
insights and more information on the company’s overall corporate
responsibility are available at Wells Fargo Stories and
www.wellsfargo.com/impact.
About Enterprise Community Partners
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 585,000 homes, invested more than $43 billion and
touched millions of lives.
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version on businesswire.com: https://www.businesswire.com/news/home/20200115005180/en/
Media Chris Hammond, Wells Fargo, 415-310-9152
chris.l.hammond@wellsfargo.com
Jordan Miller, for Enterprise Community Partners, 212-784-5703
jmiller@groupgordon.com
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