Low Income Housing Challenge

 

 

Building strong communities is an enduring commitment at Bank of America. For over 30 years, the Low Income Housing Challenge has helped drive innovation and commitment among college students, and empowered new generations of affordable housing leaders.

 

How it works

Students form teams and enlist an academic advisor and developer sponsor. They work together to create a forward-looking, and feasible project that addresses all aspects of an affordable-housing development, including community needs, building design and financing. Students participate in education and feedback sessions, and present their final projects to a jury with expertise ranging from affordable-housing development to architecture and finance. Finalists will present their projects to the jury. The winner will be announced during an award ceremony in the spring.

 

Who is eligible?

The Challenge is open to undergraduate and graduate student teams with an interest in real estate development, finance, architecture, planning, and community development.

 

Benefiting students and communities

Students work with professionals in their chosen field and gain an understanding of how to the design and finance an affordable housing development. They may earn academic credit (if applicable) and learn how to make a difference in people's lives. Students have opportunities to engage with industry leaders and network with like-minded peers. Finalists’ projects are showcased at an awards reception where the winner will be recognized.

 

The Challenge represents our ongoing commitment to drive meaningful change in low-income communities. For years 2005 – 2020, Bank of America financed approximately 250,000 housing units, through the debt and equity platforms, of which over 215,000 were affordable housing units.

 

2022 Challenge dates

 

January 21 by noon PT Registration: Deadline
January 25 at 12.30pm PT Introductory Session – 1 hour
January 28 PT Finance Session – 2 hours
February 8 Submit Initial Proposal
February 10 Notification of Acceptance of Proposal
February 14 to February 18 Proposal Feedback Session – 45 minute session
March 23 by noon PT Submit Refined Proposal for Second Feedback Session
March 28 to April 1 Second Feedback Session – 45-minute session 
April 4 Notification of Acceptance to Final Competition:
April 5 Submit Draft Financing Plan to Lender/Investor:
April 6 to April 20 Review of Draft Financing Plan with Lender/Investor – 1 Hour
April 14 (Optional) Bank of America Community Development - Day in the Life of a Banker / Investor (Career Forum)
April 26 by noon PT Submit Proposal for Final Competition
April 28 Final Competition and [Virtual] Reception / Announcement of Winner

dates subject to change.

 

Contact

Email: ann-marie.olsson@bofa.com

Call: 415.913.3368