Frequently Asked Questions
Frequently Asked Questions
Q: What is the Housing Affordability Breakthrough Challenge?
A: The challenge is an opportunity to identify, accelerate and scale breakthrough ideas that promise new ways to create urgently needed affordable housing nationwide. Administered by Enterprise Community Partners, the challenge is made possible with the generous financial support of Wells Fargo.
Q: How is “affordable housing” defined in the challenge?
A: In selecting our 15 finalists, we prioritized proposals serving 60 percent of area median income (AMI) and below. At the same time, we exercised flexibility up to 80% AMI based on the idea (e.g., rental vs. homeownership) and market context. We also considered mixed-income strategies serving a majority of households at or below 60 percent AMI.
Q: Is this a first-time offering or have you funded similar grants in the past?
A: This is a new, one-time challenge! There are currently no plans to make this an annual challenge or otherwise replicate it in the future.
Q: What were the eligibility requirements of applicants?
A: The challenge features three focus areas: Housing Construction, Housing Finance, and Resident Services and Support. Nonprofits and Tribally Designated Housing Entities (TDHEs) were eligible to submit applications in the Housing Finance and Resident Services and Support categories. For-profit entities, nonprofits and TDHEs were eligible in the Housing Construction category.
Q: What was the application process?
A: The competitive application process launched with a first-round Request for Proposals (RFP) in January 2020. Forty-five applicants were invited to join the second-round RFP, with 15 chosen to move on to the third and final round, featuring a pitch event this August where a panel of judges will determine the six final winners.
Q: How were the finalists selected?
A: Through a consensus-driven process, 30 Enterprise leaders with deep field expertise chose 45 Round 1 finalists from nearly 900 applications. A diverse group of Wells Fargo employees formed the Round 2 selection committee, naming 15 Round 3 finalists, who will have the opportunity to pitch their idea to a panel of judges tasked with choosing six proposals to receive a $2 million+ grant.
Q: Is the challenge still accepting applications?
A: No, the deadline for Round 1 of the challenge was Feb. 19, 2020. Thank you to all who applied. Rounds 2 and 3 were by invitation only.
Q: What are the eligible expenses covered by this grant?
A: The grant funding is flexible and can be used for operational, programmatic and capital expenses.
Q: How can I partner with Enterprise Community Partners?
A: Please send us a message. We’d love to hear from you!