12 Finalists Selected To Pitch Affordable Housing Innovations In Louisville
There is an affordable housing gap of 7.2 million units in the United States. The lack of affordable housing is an issue in almost every city. Although, unit creation is clearly needed, the flip side of the coin, the lack of affordability plays just as big of a role in this crisis as the lack of units. Louisville evicted 14 homes per day in 2016 at a rate that is double the national average. There are so many costs that add up each month that make it really expensive to be poor. In order to help decrease those costs, we launched the Reconstruct Challenge this past February.
The Reconstruct Challenge is a $3 million national prize competition granting six innovations with $300,000 each and access to an executive education course. Winners will participate in a 18-month proof-of-concept phase where they will test their innovations in the Louisville and Southern Indiana region. After this period, successful innovations will have the opportunity to receive follow-on capital to further scale. $1 million will be reserved for this purpose. We are focused on finding solutions to help lower the exorbitant ancillary costs for individuals experiencing housing insecurity.
We wrapped up the application phase of the Reconstruct Challenge with over 100 registrants and 33 applications which our evaluation panel of judges from across the country have helped narrow down to 12 finalists.
These twelve finalists will pitch in front of the Selection Committee at a public pitch event from 5:30-8pm on August 28th at the Speed Art Museum. Six of the twelve will be selected to receive a grant of $300,000 to put towards implementing their solutions in the Louisville/Southern Indiana region to prove efficacy over the next 18 months. More details about the pitch event can be found here, we’d love to have you join us!