America Can’t Afford Unaffordable Housing
With just three weeks to go until the 2019 Net Impact Conference kicks off, we're inviting you in to understand how some of this year's sponsors make a difference for people and our planet at scale. Here, Connie Wright, Senior Vice President and Assistant Director of Housing Philanthropy and Customer and Community Programs at Wells Fargo, talks about how her company is Widening the Lens to tackle one of America's toughest issues.
Every month, more than one-third of U.S. households spend more than 30% of their income on housing. Of this group, around 18 million spend 50% of their income to stay in their home. Just think about that. The cost burden of housing impacts so many people in our communities, maybe even you.
To help address housing affordability, the Wells Fargo Foundation recently announced a $1 billion commitment through 2025 to focus on the spectrum of housing needs, from homelessness and transitional housing to rental inventory and homeownership. This housing commitment, though, comes out of a new approach to investing philanthropic capital in communities across the country.
Innovation is a key driver behind our new strategy because we can’t close the gap with more of the same. At a practical level, it means inviting community innovators to come forward and empowering their creativity. For example, this fall, we are launching a $20 million Housing Affordability Breakthrough Challenge with Enterprise Community Partners to discover fresh thinking around housing construction, financing and support services. As we build out our approach for financial health and small business, uncovering new ideas will also be at the core of those pillars.
For the challenge you want to take on, what voices do you need to add to the conversation? How can you inspire bold thinking? How can you combine your resources and expertise?