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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 32 March 2024 I N D U S T R Y U P D A T E entrepreneurs and social innovators truly combine expertise with the lived experi- ences of the communities we aim to serve." The 2023 winners and their break- through ideas for Housing Access and Resident Support are: » Build UP: Build Up Birmingham and Beyond aims to expand the unique workforce development high school in Birmingham, Alabama, that combines academic learning with hands-on, paid internships in home construction and real estate. The model relocates donated homes to underinvested neighborhoods where students renovate the homes and eventually have the opportunity to live in and buy them, creating a pathway to home- ownership and wealth creation. As part of the Breakthrough Challenge, Build UP plans to enroll more than 120 students, renovate and relocate more than 40 homes, and facilitate 200 paid construction internships. » Tlingit Haida Regional Housing Authority: Success Starts With Me Home Ownership Program is a new housing model which bridges the gap between traditional mortgage loans and the financial needs in rural Alaska to provide low-income tribal citizens access to homeownership on tribal lands. Partners including Haa Yakaawu Financial Corporation will offer construction and home loans with in- dividualized down payments, payback schedules, and education courses with the goal of supporting more than 100 families in the Juneau region. The 2023 winners and their break- through ideas for Housing Construction include: » Hydronic Shell Technologies: Thinking Outside the Box for More Sustainable and Healthy Affordable Housing will pilot a new technology in Syracuse, New York, that will make it possible to do large-scale energy retrofits of multifamily buildings from the exterior using prefabricated modular panels. The high-efficiency system, which is the first of its kind in the United States, aims to reduce CO2 emissions while improving indoor air quality, lowering energy bills, and enabling residents to remain in place throughout the process. » Module: The Last Mile Network is a partnership between the modular housing company and affordable housing developers to bring prefabri- cated homes into urban communities and create on-ramps into the construc- tion industry through workforce de- velopment programs. The project will scale Module's construction facility in Pittsburgh and develop new facilities in Maryland and Virginia, building 100 all-electric affordable homes with a local workforce that has an equity stake in the business. The 2023 winners and their break- through ideas for Housing Finance include: » Hope Enterprise Corporation: Securing Homeownership Through Expiring LIHTC Developments is a new mortgage innovation which aims to convert long-time renters in rural communities into homeowners by providing residents of Low-Income Housing Tax Credit (LIHTC)-financed homes the option to purchase the home when those credits expire. The model will be piloted in the Missis- sippi Delta in collaboration with local design partner, Delta Design Build, and HBCU engineering students who will renovate the properties. » Grounded Solutions Network: The Homes for the Future Fund will use private capital to purchase 200 homes in communities of color in the South—starting in Atlanta—that are experiencing rapid appreciation and rent increases, rehab the homes, and lease them to families at an affordable price. As the property values grow, the project will enable residents to use a portion of the equity toward purchas- ing the home. The unique investment structure aims to provide investors with a modest return while allowing the bulk of the equity generated to remain in the community through a shared equity model. The competition drew more than 400 applications from a wide range of innovative nonprofit and mission-driven for-profit organizations stretching from Florida to Alaska in three categories: Ac- cess and Resident Support, Construction, and Financing. After two application rounds, 16 finalists were invited to pres- ent their innovations in a 10-minute pitch to a panel of judges composed of nation- al affordable housing and community development experts, including leaders from Wells Fargo and Enterprise. The 2023 winners will take part in a multiyear peer learning network to share ideas and cultivate their innovations into solutions that can be applied to com- munities across the United States. The cohort will gain access to a network of leaders from across the housing sector, including experts from Enterprise and past winners of the competition. "The Breakthrough Challenge allowed us to build a bigger table, where residents and frontline staff had real power and leadership over decisions in their communities," said Julianna Stu- art-Lomax, VP of Community Impact for 2020 winner Preservation of Affordable Housing. "It fundamentally reoriented our organization and gave us the space to imagine a new kind of housing system for this country." MATIC EXPANDS PARTNERSHIP WITH PRMG M atic, a digital insurtech platform, and Paramount Residential Mortgage Group (PRMG), a national mortgage lender, have announced an exclusive partner- ship to offer Property & Casualty (P&C) insurance products to PRMG custom- ers. The partnership will bring Matic's marketplace of more than 40 A-rated carriers to PRMG homebuyers through an enterprise-level embedded solution, creating a seamless and efficient process for borrowers to access personalized insurance offerings. Through a new in- tegration, PRMG customers can shop for and purchase insurance within the loan