PR Newswire
WASHINGTON, June 20, 2018
WASHINGTON, June 20, 2018 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced the three innovative ideas selected for Phase 1 of its Sustainable Communities Innovation Challenge (The Challenge). The Challenge is a $10 million initiative launched late last year, aimed at developing collaborative, cross-sector approaches that advance sustainable communities to help address the nation's affordable housing issues. Phase 1 focused on supporting the research, design, and development of new ideas and innovative solutions at the intersection of affordable housing and employment opportunities.
The proposals selected offer solutions focused on affordable workforce housing development, accessory dwelling unit development in gentrifying neighborhoods, and a pathway for development of vacant commercial space into entrepreneurial co-housing in low-income communities.
"We received hundreds of proposals from across the U.S., and these ideas reflect the most innovative thinking on creative ways to increase opportunities for local residents. We look forward to working with the selected organizations and their community partners to make a difference in tackling the affordability crisis and supporting sustainable, healthy communities," said Maria Evans, Vice President, Sustainable Communities Partnership and Innovation, Fannie Mae.
Sustainable Communities Innovation Challenge Final Selections for Phase 1:
Proposals were evaluated against a predetermined set of criteria set forth in the Request for Proposal (RFP) and went through multiple rounds of review, including a semi-final review by an Expert Advisory Panel comprised of leaders from public, private, and nonprofit sectors.
The number of cost-burdened households remains critically high nationwide. About one-third of U.S. households are "cost-burdened," meaning they pay more than 30 percent of their incomes for housing. Rising rents and mortgage costs along with stagnant wages are pricing more people out of the market and forcing them to live farther from their jobs. "Fannie Mae decided to focus the first round of The Challenge at the intersection of affordable housing and employment opportunities, because we believe that housing can be the platform to successful employment and potential income generation, a prevalent theme emphasized in our three selected proposals," said Evans.
Fannie Mae will launch two more phases to attract innovative ideas that advance thriving communities and address the nation's housing needs. The next phase will begin in the fall.
To learn more about The Challenge, the three innovative ideas selected, recognition spotlight, and future phases visit www.fanniemae.com/thechallenge.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
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SOURCE Fannie Mae
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