Boston MA — The Housing Partnership Network (HPN) was selected as one of three finalists for a NEXT Opportunity Award in recognition of its plan to expand the impact of its social-purpose real estate investment trust (REIT), which funds the acquisition of multifamily rental properties. The Housing Partnership Equity Trust, sponsored and operated by HPN, was launched in December 2012 with $100 million in funding. NCB Capital Impact, an HPN member, and the Opportunity Fund are also finalists.
The NEXT Opportunity Award is one of two awards made by the Wells Fargo NEXT Awards for Opportunity Finance, the nations largest awards program recognizing innovative community development financial institutions (CDFIs). This years awards will go to CDFIs that develop partnerships, business models, and other opportunities that expand access to financial products and services. The pool of $8.25 million may be awarded to any or all of the three finalists. Winners will be announced in September.
The Wells Fargo NEXT Awards for Opportunity Finance are presented by Opportunity Finance Network, with funding from Wells Fargo, The Kresge Foundation and the John D. and Catherine T. MacArthur Foundation.
To learn more about the NEXT Opportunity Award, visit nextawards.org/awards.