Wells Fargo ranked No. 29 on The DiversityInc Top 50 Companies for Diversity list in 2022.
The Wells Fargo Foundation is partnering with Enterprise Community Partners for the Housing Affordability Breakthrough Challenge, a $20 million competition to find solutions in housing access and stability.
The second competition to date, the Housing Affordability Breakthrough Challenge will focus on Financing, Construction and Access and Resident Support. The challenge invites innovators to compete for two years of technical assistance and grants of up to $3 million. With this combination, grantees will be able to turn their ideas into real-world solutions.
“Wells Fargo created the Housing Affordability Breakthrough Challenge to engage entrepreneurs and social innovators and advance ideas that can improve housing opportunities for millions,” Otis Rolley, President of the Wells Fargo Foundation and head of Philanthropy and Community Impact, said in a statement. “We urgently need to reimagine access to quality affordable places to live in the U.S., which is so tightly linked to economic stability, physical and mental health and ultimately generational wealth. This $20 million in funding effectively doubles our commitment to find creative solutions to this pressing problem.”
The challenge focuses on Native, rural, suburban, Tribal, and urban solutions that have the potential to catalyze the current process to increase housing opportunities and stability for low-income households. Nonprofits, Tribal organizations and for-profit organizations with a clear mission-driven purpose are all welcome to apply on Enterprise’s website.
“We cannot address the serious housing affordability gap in this country without improving access and creating cost savings that will help boost supply. The Housing Affordability Breakthrough Challenge has proven that investing in pathbreaking innovations at the local level is a powerful way to build more equity and affordability in our communities nationwide,” said Jacqueline Waggoner, President of Enterprise’s Solutions Division in a statement. “We are proud to join Wells Fargo once again as we focus on uplifting and strengthening the most promising ideas to meet the urgent need for more affordable homes and better serve individuals and families across the country.”