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 – 2021, Bank of America financed approximately 263,000 housing units, through the debt and equity platforms, of which over 227,000 were affordable housing units.

 

2023 Challenge dates

 

January 20 by noon PT Registration: Deadline
January 24 at 12.30pm PT Introductory Session – 1 hour
January 26 PT Finance Session 1 – 2 hours
February 2 at noon PT Finance Session 2 – 1 ½ hours
February 14 Submit Initial Proposal
February 16 Notification of Acceptance of Proposal
February 20 to February 24 Proposal Feedback Session – 45 minute session
March 7 by noon PT Submit Refined Proposal for Second Feedback Session
March 9 to March 16 Second Feedback Session – 45-minute session 
March 20 Notification of Acceptance to Final Competition:
March 21 to March 31 Submit Draft Financing Plan to Lender/Investor:
March 22 to April 3 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 17 by noon PT Submit Proposal for Final Competition
April 20 Final Competition and [Virtual] Reception / Announcement of Winner

dates subject to change.

 

Contact

Email: ann-marie.olsson@bofa.com

Call: 415.913.3368