Fannie Mae has selected five organizations that will receive $5 million in contracts for projects that promote affordable housing and Black homeownership.
Fannie Mae announced the selection Wednesday as part of its Innovative Challenge 2022, a nationwide competition for the most innovative proposals that address racial equity issues and the affordable housing crisis. It said it solicited proposals to specifically address consumer credit challenges and upfront and unexpected costs in buying a home. Last year, Fannie awarded $7 million to 13 organizations.
Maria Evans, Fannie Mae's vice president of community impact, said the government-sponsored enterprise is committed to knocking down barriers for Black consumers.
"A history of discriminatory housing policies and practices has created profound inequities in the housing system that persist to this day," Evans said in a press release.
The five groups selected are RebuildMetro, a Baltimore nonprofit that is seeking to restore the properties around Johnston Square in East Baltimore; Southside Community Development & Housing Corp., a Richmond, Virginia, nonprofit that builds affordable housing units; Twin Cities Habitat for Humanity, which plans to down payment assistance for affordable home loans; the Community Builders, a Boston- and New York-based real estate company that will help repair credit for renters; and Module, a Pittsburgh prefab housing firm that plans to expand its energy-efficient homes to Prince George's County, Maryland, and to Richmond.
Fannie Mae said the proposals went through multiple rounds of reviews and were evaluated by an expert advisory panel. The competition is part of Fannie's Sustainable Communities Partnership and Innovation Initiative, which focuses on finding solutions to pressing housing issues.
