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Fannie Mae Tackles Affordable Housing and Sustainability

On Tuesday, to coincide with the launch of its Sustainable Communities Innovation Challenge (The Challenge), Fannie Mae announced [1] the formation of an Expert Advisory Panel. The panel will support The Challenge, two-year $10 million initiative by the GSE to advance the growth of sustainable communities while addressing the nation’s affordable housing shortage. The GSE recently launched the first phase of its 3 phase plan, which includes accepting contract proposals to be reviewed; the final round of review will be performed by the Expert advisory Panel.

“Affordable housing is not an isolated issue. It requires a broad set of solutions and dedicated individuals,” said Maria Evans, VP, Sustainable Communities Partnership and Innovation. “We have brought together a stellar group of experts representing a diverse range of backgrounds and industries. All will bring an important perspective to the panel that will take us one step closer to improve access to affordable, sustainable communities.”

According to Fannie Mae, the Expert Advisory Panel is a “key element” of The Challenge, as it brings in experts in economic development, employment, and innovation, from the public, private, and nonprofit sectors. The panel will select proposals which they determine to be the most relevant in addressing issues regarding affording housing in the U.S.

According to Lucretia Murphy, senior director of Jobs for the Future, and Expert Advisory Panel member, efforts to increase economic mobility do not often connect with those to provide more affordable housing. This is a problem Fannie Mae hopes to address through The Challenge.

“Investing in communities’ efforts to develop a comprehensive solution for employment and affordable housing could be a game changer for residents and communities,” said Murphy. “I look forward to serving on the advisory panel for the Fannie Mae Innovation Challenge.”

Fannie Mae will host a webinar on January 30 at 2:00 p.m. ET for those interested in applying. More information on the Challenge and applicant requirements may be found here [2].