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Citi Foundation announces 2024 Global Innovation Challenge

The Citi Foundation has issued a request for proposal (RFP) for its latest Global Innovation Challenge, a funding model designed to help scale the impact of nonprofits around the world that are addressing some of society’s most pressing issues.

The 2024 Global Innovation Challenge will allocate a total of $25 million in catalytic funding to 50 community organizations that are developing unique approaches to tackle homelessness, the financial institution’s philanthropic arm explained.

Eligible entities may register for the chance to apply for $500,000 to pilot or expand innovative solutions targeting homelessness, Citi stated.

“Given this panorama of homelessness in the world and Puerto Rico, the Citi Foundation is focused on contributing to the economic and social well-being of individuals, families and communities,” said César Vértiz, Citi country officer for Puerto Rico.

Housing insecurity is a significant worldwide issue, with an estimated 150 million people homeless, according to the United Nations.

“We recognize that secure, affordable and stable housing is a key contributor to the economic and social well-being of individuals, families and communities,” reads the news release.

“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.

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

The registration deadline for interested organizations is Feb. 13 at 12 p.m. Eastern Time, with recipients to be announced later in the year.

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This story was written by our staff based on a press release.

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