Home Funders is sponsoring an Innovation Fund Competition to develop new strategies and solutions to increase the supply of affordable housing for extremely low-income (ELI) families.

The program is encouraging a wide range of stakeholders to take part in the initiative, including housing producers, municipalities, nonprofits, quasi-public agencies and others.

Home Funders plans to award prizes of $10,000 to $25,000 each to up to three organizations or teams that propose a well-crafted, innovative, feasible and sustainable solution to build, preserve or create access to housing units for ELI families. The goal of the competition is for the winning strategies to be implemented at a larger scale in regions across Massachusetts to increase long-term ELI affordable housing. According to Home Funders, the proposals should be pragmatic and replicable. Finalists will be selected from an advisory committee.