It's long been apparent, but it's now safe to say that the housing industry is becoming increasingly unaffordable.
As more homeowners and renters struggle to afford homes, the quest to discover a solution is taking center field.
Mortgage titan Fannie Mae recently announced it will sponsor an award for the best proposals for a healthier housing future.
The Call for Ideas on Healthy Affordable Housing is an extension of the company’s Innovation Challenge, which is a key component of Fannie Mae’s Sustainable Communities Initiative.
The Innovation Challenge will be a two-year, $10 million commitment to source new ideas, challenging public, private and nonprofit organizations to reimagine affordable housing as the prescription for a healthy life.
Fannie Mae’s Executive Vice President and Head of Multifamily Jeffery Hayward said Fannie Mae is committed to increasing access to healthy, affordable housing.
“The Innovation Challenge addresses the evolving needs of homebuyers, homeowners and renters where they overlap with health and wellness issue,” Hayward said. “Access to affordable homes that keep residents safe and healthy is a critical industry issue, and one that requires us to look at how housing and health impact each other in order to find the best solutions.”
According to Fannie Mae, too many people are forced to make trade-offs between the affordability of their housing and the health and safety of where they live.
The company cites research indicating poor-quality housing can have a direct, negative impact on a person’s health, especially in underserved communities where they are inextricably linked.
Fannie Mae Vice President of Sustainable Communities Maria Evans said the company recognizes the value in working with new partners to create comprehensive solutions.
“We are fostering sustainable communities by incubating innovative ideas that directly address our mission to bring affordability and stability to underserved areas and help ensure those residents have access to healthy, affordable, safe places to call home,” Evans said.
The application period is open from Sept. 26, 2018, until Nov. 1, 2018. You can read more about the challenge here.
