Application Process

Round 2 is underway.

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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%

Notification

Round 2 finalists were notified on March 17, 2020.

Review Round 1 details.

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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:  

  1. Implementation of the innovation 
  2. Impact of the innovation 
  3. 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. 

Notification 

We will notify Round 2 applicants whether they have been selected to move forward to Round 3 on May 21, 2020. 

Round 3

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. 

Webinar Resources

You can access both the slides plus on-demand recordings from our two informational webinars here.

Webinar 1

Challenge Grant Overview

Review the related slides.

Round 1 image

Webinar 2

In-depth Application Review

Review the related slides.

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