Homes in predominantly Black neighborhoods are undervalued to the tune of $48,000 apiece on average, according to research from The Brookings Institution. This amounts to 3.2 million owner-occupied homes that are undervalued by a collective $156 billion in the U.S.

Now Brooking is teaming up with Economic Architecture firm to launch a challenge to more accurately value homes in Black neighborhoods. People or companies that create the most promising market- and policy-based ideas to address this devaluation will be eligible for prize funding.

“The devaluation of homes in Black-majority neighborhoods is a systematic and nearly ubiquitous failure. We need to move from this initial one-time effort to create a sustained commitment with the potential to address the devaluation of Black-owned assets and homes,” said Andre Perry, senior fellow and director of the Center for Community Uplift at Brookings, in a statement.

To mark the launch of the challenge, Economic Architecture and Brookings have co-published a new interactive “Innovation Map,” which highlights innovations across the country, garnered by reviewing over 4,300 organizations and interviewing more than 70 innovators.

Innovators are invited from the public sector, private sector and academia to enter a collaborative challenge and propose their most powerful policy-based or market-based new ideas. Featured Innovators will be announced in January 2025 with Spotlight Innovators and prize funding announced in February 2025.

“The collaborative challenge provides an opportunity for action, to bring innovators together with the philanthropic funding, policy makers, and partners they need to address the problem,” said Stuart Yasgur, founder and principal of Economic Architecture.

The challenge is supported by the Chan Zuckerberg Initiative, JPMorganChase and Progressive Insurance. If interested in joining, participating, or learning more about the challenge, visit the website here.