MetaProp and Enterprise Partner to Make Housing More Affordable in the U.S.
Landmark partnership in real estate technology and affordable housing will spur the
transformation of U.S. residential housing
New York (January 30, 2019) -- Today, MetaProp and Enterprise Community Partners, Inc. announced that they are collaborating to identify and fund early-stage companies offering disruptive solutions to increase housing affordability in the United States. MetaProp has embedded an Investor-in-Residence (Leila Collins) with Enterprise, and the companies anticipate co-investing throughout 2019 and beyond.
With this deal, one of the nation’s leaders in affordable housing finance, consulting, policy advocacy, and real estate development is combining efforts with the most innovative PropTech investor to solve a problem plaguing the industry, consumers, and the U.S. economy: unaffordable housing in many parts of the country, often caused by a shortage in inventory and the outmoded way housing is delivered and consumed.
Through the partnership, Enterprise and MetaProp will invest in early-stage companies with tech-enabled solutions that have potential to change the housing market dynamic throughout the value chain, with a focus on platform approaches. While many of the billions of dollars invested in PropTech over the past few years have flowed to commercial real estate and companies with built-world solutions, such as modular construction or 3-D printing, there have been relatively few investments made in companies using data, machine learning, and market-making
technologies that are relatively low-cost with high scalability and a concentration on the housing sector.
“The U.S. residential market is ripe for transformation, and we believe that there are a ton of entrepreneurs out there with scalable business models that can make housing in the U.S. more affordable,” said Aaron Block, co-founder and managing partner of MetaProp. “With Enterprise and MetaProp investing and partnering, we are going to be able to bring the best of the technology sector to the housing sector and quickly initiate a transformation that we believe will have gigantic ripple effects.”
“Too many people are suffering due to lack of access to housing that is affordable in the right location for them,” said Matt Hoffman, vice president of innovation at Enterprise and managing director of its HousingTech Ventures. “The housing sector has not seen the same type of intensive disruption and productivity advances as other sectors due to technology applications and innovation. Today, we are short over 7 million affordable housing units. The partnership
with MetaProp is part of our strategy to change that.”
Leila Collins, investor-in-residence, agrees. "Without creative interventions, basic housing will continue to become out of reach for many Americans” she said. “We hope to back new technologies that could increase access to housing by changing the fundamental way we are able to build, rent and own property.”
In addition to pursuing joint investments, MetaProp will be a supporter of Enterprise’s HousingTech Summit, a national invite-only convening to be held in Washington, DC, this May that will bring together leaders from venture investing, startups, policy, and the housing industry.
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MetaProp is the the premier real estate technology nexus based in the heart of Silicon Alley. MetaProp's team and venture funds have invested in 80+ PropTech companies, which have raised more than $2 billion and employ 1,500+ people around the world. Each year, up to 25 of the best international PropTech startups participate in the MetaProp Accelerator @ Columbia University and its affiliates’ intensive education, mentorship and growth hacking programs.
MetaProp also provides strategic advisory services, corporate development support, communications, event management and market research for real estate companies that are serious about innovation.
Enterprise is a proven and powerful nonprofit that improves communities and people's lives by making well-designed homes affordable. We bring together the nationwide know-how, partners, policy leadership and investments to multiply the impact of local affordable housing development. Over 35 years, Enterprise has created nearly 529,000 homes, invested $36 billion and touched millions of lives. Its newly formed HousingTech Ventures is an initiative designed to unleash market forces and entrepreneurship that can bring technologically driven solutions -to the housing sector in a way that increases affordability and complements more traditional policy-driven approaches.
driven approaches. Join us at www.EnterpriseCommunity.org.