Fannie Mae Selects Five Proposals to Help Advance Racial Equity in Housing through $5 Million Innovation Challenge
Nationwide Competition Drew Innovative, Scalable Solutions to Remove Barriers in the Home Renting and Buying Experience
The Innovation Challenge is part of
"A history of discriminatory housing policies and practices has created profound inequities in the housing system that persist to this day. The Innovation Challenge is one example of
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ReBUILD Metro is a
Baltimore -based nonprofit that works with community members to revitalize neighborhoods block by block and help prepare Black residents for first-time homeownership. TheirFannie Mae contract supports theJohnston Square : A Blueprint forBaltimore project, which will stabilize, restore, and reoccupy scattered-site abandoned and dilapidated properties; and begin the work to convert long-vacant lots into new units of affordable rental housing, street-level retail, and a 4-acre community park; and rehab abandoned properties into mixed-use development and green space. -
Southside Community Development & Housing Corporation (SCDHC) is a non-profit housing developer in theRichmond Metro Area. SCDHC creates viable, thriving, and sustainable communities acrossCentral Virginia by providing residential and commercial development, homeownership and financial counseling and coaching, employment services, and supportive programs to low-income families. TheirFannie Mae contract advances theirSCDHC Emporia Pathways Project , which includes the construction of affordable housing. The project is part of a 3-5-year construction pipeline that will include rental housing and homeownership opportunities as well as rental and prepurchase counseling, foreclosure prevention services, workforce development training and a range of financial capability services. -
Twin Cities Habitat for Humanity brings people together to create, preserve, and promote affordable homeownership and advance racial equity in housing by connecting families with their communities through neighborhood revitalization projects. TheirFannie Mae contract will support Advancing Homeownership inthe Twin Cities , a partnership with the Minnesota Homeownership Center to create and deploy a down payment assistance product that will help Black households to become homeowners.Twin Cities Habitat for Humanity will engage three Community Development Financial Institutions to administer the program and up to 10 regional mortgage lenders to pair the product with their affordable mortgages. -
The Community Builders is a mission-driven real estate development corporation transforming communities with affordable rentals and properties for purchase across the Northeast, Midwest, and Mid-Atlantic regions. TheirFannie Mae contract supports the From Our Doors to Yours project, which will deploy an economic empowerment package to build and repair credit through on-time rental payments. It will leverage affordable rentals inChicago ,Detroit , andRichmond .Onsite community life coaches will connect residents with relevant resources while providing Family Self Sufficiency Services to build savings through earned income. -
Module, a prefab housing company based in
Pittsburgh , started with the goal of making good home design more accessible and a mission to support customers' health and wellbeing in well-designed, energy-efficient, highly functional homes that will last 100 years. In partnership withEnterprise Community Partners , Module will demonstrate the feasibility of locally owned modular construction micro-factories to complete energy-efficient affordable housing in urban communities of color. TheirFannie Mae contract will support their Last Mile Network project, setting the stage to expand the modular micro-factory concept toPrince George's County, MD andRichmond, VA . Each facility will train new entrants in the construction trades, securing good-paying jobs while creating affordable housing and enabling Black homeowners and renters to build wealth.
IC22 builds on the previous Sustainable Communities Innovation Challenge, a nationwide competition that awarded over
To learn more about IC22, the contract awardees, and their innovative solutions, please visit https://www.fanniemae.com/thechallenge/. To view all proposals submitted through the Innovation Challenge, please visit the Sustainable Communities searchable database at http://challengedatabase.fanniemae.com/.
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