Citi Foundation’s 2024 Global Innovation Challenge calls on nonprofits to combat homelessness
Santo Domingo.- The Citi Foundation today launched a call for proposals for the latest edition of its Global Innovation Challenge. The challenge is a funding model that seeks to amplify the impact of nonprofits around the world that are dedicated to addressing some of the most pressing issues facing society.
As part of the 2024 Global Innovation Challenge, a total of $25 million dollars in funding will be provided to 50 community organizations working on innovative projects to address the issue of homelessness.
Housing insecurity is a global concern. According to United Nations estimates, approximately 150 million people in the world are homeless. We recognize that safe, affordable, and stable housing is a key factor in the economic and social well-being of individuals, families, and communities.
“The number of people experiencing housing insecurity or homelessness is on the rise in many communities around the world, and this trend is manifesting itself in different ways, all of which require specific solutions,” said Brandee McHale, president of the Citi Foundation and head of Citi’s Community Investing and Development.
“With this year’s Global Innovation Challenge, we are making philanthropic capital available to unlock and implement innovative approaches to homelessness, to generate lasting change in the lives of people around the world.”
This Global Innovation Challenge builds on Citi’s and the Citi Foundation’s long history of work in support of housing security, as evidenced by other actions taken:
- For 13 consecutive years, Citi has been recognized as the leading lender for affordable housing, which allows affordable housing developers to acquire, build, rehabilitate, and refinance multifamily affordable housing properties across the United States.
- Between 2020 and 2022, Citi funded and facilitated a total of $30.2 billion dollars for affordable housing around the world, including affordable housing projects with green building certifications, contributing to its $1 billion dollars Sustainable Finance Commitment.
- Through the Citi Impact Fund, capital investments have been made in innovative startups that are bringing housing solutions to market, such as Pallet, PadSplit, Jetty, and ICON.
- In 2021, Citi announced a $1 billion dollars social impact bond that is supporting social-focused developments, including affordable housing, in emerging markets around the world.
- Through its Community Progress Makers initiative in the United States, the Citi Foundation has supported nonprofits working to promote access to affordable housing, safe spaces for at-risk youth, and similar initiatives.
“At Citi, we believe in the power of innovation to transform lives and communities, and with the 2024 Global Innovation Challenge, we are committed to unlocking innovative and sustainable solutions that address housing insecurity. We are incredibly proud to support this initiative where safe and affordable housing is a fundamental right for all,” said Máximo Vidal, Citi Country Manager for the Dominican Republic.
The deadline for eligible organizations to register is Tuesday, February 13, 2024, at 12 p.m. Eastern Time. Recipient organizations will be announced later this year. For more information about this opportunity, including eligibility requirements and target geographies, visit www.citifoundation.com/rfp.