Fannie Mae Launches $10 Million Affordable Housing Challenge
A poll by Fannie Mae shows that 46% of American adults would prefer to live in a community with access to better schools and childcare, but cannot afford to do so. In addition, more than half of those polled said places with better job opportunities are too expensive for them to live in.
In response, the government-sponsored mortgage loan company is launching the Sustainable Communities Innovation Challenge.
The two-year, $10 million national search aims to identify creative solutions to the housing affordability crisis.
People can submit ideas on behalf of their community for a chance to receive a portion of these funds to make their plans reality.
“We are looking for ideas that focus on how housing and education come together,” said Fannie Mae’s Vice President of Sustainable Communities Maria Evans. “For example, how can the housing and education sectors partner more closely to provide stable home and school experiences for low-income students?”
Selected ideas are eligible for contract awards of up to $1.5 million to implement these projects.
“We are looking for solutions that will enable people to reduce the cost-burden impact that they are currently experiencing, while addressing these other adjacencies like education or economic opportunity,” added Evans.
In 2013, a study from the University of Florida found that there are only 31 affordable housing options available in the state for every 100 households that qualify as extremely low income. Tampa-St. Petersburg has even fewer with 27 available units.
Fannie Mae will be accepting submissions until May 30.
For more details, visit FannieMae.com/thechallenge.