The Citi Foundation has opened a request for proposals (RFP) as a part of its latest Global Innovation Challenge—an international funding model to help non-profits around the world tackling society’s most pressing issues.

The 2024 Global Innovation Challenge will provide a collective US$25 million in catalytic funding to 50 community organizations working in novel ways to address homelessness. Housing insecurity is a global concern with the United Nations estimating that roughly 150 million people worldwide are homeless.

“Today, homelessness is on the rise in many communities around the world and it manifests itself in different ways – all of which require unique solutions,” said Brandee McHale, president of the Citi Foundation and head of Citi Community Investing & Development. 

“With this year’s Global Innovation Challenge, we are deploying philanthropic capital that will help unlock and operationalise innovative approaches to homelessness and catalyse lasting change in the lives of people globally,” she added.

This latest project is an extension of Citi’s longstanding track record of supporting housing security that can be evidenced by several of their social endeavors.

For example, for 13 straight years Citi has been recognised as the top housing lender and enabling affordable housing developers to acquire, construct, rehabilitate, and refinance multifamily affordable housing across the United States. Between 2020 and 2022, Citi financed and facilitated a total of $30.2 billion toward affordable housing around the world, including affordable housing projects with green building certifications.

In 2021, Citi announced a $1 billion social finance bond that is supporting social-focused developments, including affordable housing, in emerging markets globally and through its Community Progress Makers Initiative, the foundation has supported nonprofits working to increase accessibility to affordable housing and safe spaces for at-risk youth.

“At Citi, we recognise that safe, affordable and stable housing is a key contributor to the economic and social well-being of low-income households and communities around the world” said Eva Lewis, Citi Country Officer for Jamaica.

The deadline for eligible organisations to register is next Tuesday (February 13) at 12:00pm Eastern Time and recipients will be announced later this year.

Visit www.citifoundation.com/rfp for more information on this opportunity including eligibility requirements and target geographies.