Meet our 2019 Winners
learn More About How our finalists are making a difference in the market
2019 Finance co-winner - Landed
Landed is on a mission to help essential professionals (starting with educators) build financial security near the communities they serve. They invest alongside teachers and school staff when they are ready to buy a home in expensive cities. The Landed “shared appreciation” model has broad applicability and could make a significant impact. To date, Landed has helped nearly 150 public school teachers and employees purchase homes valued at $100 million. Landed in helping teachers help put deep roots in their communities.
In high priced communities the down payment is a daunting challenge for many people striving to afford work force housing. The availability of an “equity partner” can be an essential ingredient to achieving homeownership.
2019 Finance co-winner - Home partners of America
Home Partners of America (HPA) launched in January 2013 in response to the impact the Great Recession and foreclosure crisis had on millions of homeowners, Home Partners of America has built an innovative financing and operating platform that has enabled thousands of households who currently are not mortgage-qualified to gain access to quality for-sale listed homes in local neighborhoods by participating in their lease-purchase program. Since its launch, HPA has purchased over 12,000 homes in 40 metropolitan markets and 20 states nationwide for a total investment of over $3.5 billion. Over 800 resident households have exercised their “right to purchase” and have successfully purchased their home utilizing the lender of their choice.
Beginning in 2019, HPA is now piloting a program to target low-to-moderate income households. This program known as Choice Lease supports residents whose household income is at or below 100% area median income (AMI), with an expected average of 80% AMI. Funding for this program is provided through socially motivated capital.
PUBLIC POLICY AND REGULATION REFORM: THE ALLEY FLAT INITIATIVE
The Alley Flat Initiative (TAFI) was recognized based on their innovative efforts to change the policy framework in Austin, Texas to allow for the adoption of Accessory Dwelling Units (ADUs) – often using underutilized alleys to create additional dwelling units by tucking small, single-family homes (ADUs called Alley Flats) on existing lots. In addition, the Alley Flat Initiative has developed a “one-stop shop” for income-qualified homeowners providing personalized support through the development process including green design, financial education and pre-qualification, property management and construction guidance.
Also, The Alley Flat Initiative has partnered with the City of Austin’s policymakers and department leaders to design development incentive programs to promote income- restricted ADUs and to provide assistance to lower-income owner-developers who are facing displacement, due to rapid growth, so that these individuals are able to increase their income from the rent generated by the Alley Flats.