Round 2 is underway.
Round 2 Has Launched
Congratulations to the nearly 900 applicants who applied to Round 1 of the challenge. Following a highly collaborative review by senior leaders from Enterprise with expertise across the challenge’s three focus areas – as well as knowledge of rural, suburban, tribal and urban communities – 45 innovative ideas are moving on to Round 2.
Each of the 885 applications received was reviewed and scored by a minimum of three selection committee members. Three cross-functional selection committees re-reviewed the top tier of high-scoring applications. Cross-functional committees met in person to engage in the consensus-driven selection of 45 Round 2 finalists.
Round 1 Primary Criteria Scoring (60%):
- Alignment with opportunity statement: 25%
- Scalable or catalyzes change: 10%
- Focus on low- and moderate-income households: 10%
- Articulated clearly/justified by local context and market conditions: 10%
- Geography includes rural and/or TDHEs: 5%
Round 2 Secondary Criteria Scoring (40%):
- Climate resilience, green building, healthy building: 15%
- Racial equity principles/disparities: 15%
- Use of technology: 5%
- Creative partnerships: 5%
Round 2 finalists were notified on March 17, 2020.
Review Round 1 details.
Round 2 Details
Application Deadline: April 14, 2020, 11:59pm ET
For the 45 applicants selected to move forward, the Round 2 application was released on March 18, 2020. Applicants will have until April 14, 2020, to submit this application.
Taking a deeper dive into how your proposed innovation creates scalable solutions supporting housing affordability, the Round 2 application includes three sections with questions related to the:
- Implementation of the innovation
- Impact of the innovation
- Team leading the execution of the innovation
The Round 2 application process will require additional documentation, including:
- $2M budget, plus sources and uses table through 2022
- Implementation timeline
- Team or partnership structure
- One year of financials (audited financials preferred)
- Risk Assessment Questionnaire
- Team biographies
- Letters of support (three maximum)
- Optional attachment of your choosing that helps describe your innovation
Round 2 Review Process
A diverse group of leaders from Wells Fargo will review and score the Round 2 applications. Selection committees will bring field expertise covering the challenge’s three focus areas, with geographic market knowledge representing communities across the country.
Following a detailed review and analysis of the Round 2 applicants, the top five proposals in each focus area (15 applications total) will receive an invitation to move forward into Round 3 of the challenge.
We will notify Round 2 applicants whether they have been selected to move forward to Round 3 on May 21, 2020.
May 26 - July 31, 2020
Round 3 will include a pitch competition in late June 2020. Fifteen finalists will prepare a short presentation on their breakthrough idea to a selection committee. The final six winners of the challenge will be announced by July 31, 2020.
We’ll share more specifics about Round 3 of the challenge soon. Please stay tuned for more information.