The Economy League of Greater Philadelphia is pleased to announce the launch of its latest Impact Labs social innovation challenge, the Fair City Challenge: Community Solutions for Reinvesting in Philadelphia Neighborhoods. This innovation competition will award a $50,000 grand prize to a community-based social entrepreneur with an innovative, actionable solution that makes a direct, immediate impact on historically disinvested Philadelphia neighborhoods – while preventing displacement.
The challenge is driven by findings in an Economy League report, “Know Your Price, Philly,” which analyzed 70 years of property value data by race/ethnicity and neighborhood to quantify devaluation in Philadelphia. The report identified a $57 billion gap in appreciation values between properties in majority-white versus non-white neighborhoods, resulting in staggering housing wealth disparities.
“The Fair City Challenge is about more than just revaluing properties; it’s about reimagining how we invest in Philadelphia’s future,” said Jeff Hornstein, Executive Director of the Economy League of Greater Philadelphia. “By harnessing the wisdom, creativity, and lived experience of community-based entrepreneurs, we can identify and elevate solutions that not only help to close the racial wealth gap but also empower communities to thrive on their own terms.”
Sponsored by TD Bank, Comcast, Independence Blue Cross, and NewCourtland, the Fair City Challenge will award a cohort of finalists $10,000 each and entry into an accelerator program to develop a business plan that advances their idea. One grand prize winner will earn a $50,000 investment and the opportunity to pilot their project.
The application portal opened on Monday, February 24, 2025 and will remain live until March 28, 2025. Interested applicants can learn more or apply by visiting https://www.economyleague.org/faircity.
Quotes from our sponsors:
“We are proud to support the Economy League of Greater Philadelphia’s Fair City Challenge and its mission to create scalable, community-driven solutions that create opportunities for upward economic mobility,” said Gregory E. Deavens, President and CEO of Independence Blue Cross. “By empowering local innovators with necessary resources, the competition fosters opportunities for transformative ideas with positive economic impact to take root and flourish in communities served by Independence Blue Cross.”
“NewCourtland is excited to join the Economy League’s Fair City Challenge program. Together, we will drive meaningful change and ensure that every neighborhood has the opportunity to flourish.” – Joe Duffey, President and CEO, NewCourtland
“TD Bank is proud to continue its longstanding support of critical affordable housing programs and initiatives in Philadelphia’s underserved neighborhoods and help residents build generational wealth,” said Michael S. MacFarland, Regional Group Manager of Nonprofit, Education, and Public Finance at TD Bank. “Through our ongoing efforts with the Economy League of Greater Philadelphia and the Fair City Challenge, we are pleased to bring residents and local stakeholders together to develop ideas and drive positive change that achieves our common goal of strengthening families, neighborhoods, and the great City of Philadelphia.”
About the Economy League of Greater Philadelphia and Impact Labs
The Economy League’s mission is to foster inclusive and equitable growth and prosperity in Greater Philadelphia by cultivating informed and collaborative leadership across sectors, using data and research to inform decision-making, fostering a culture of civic experimentation and innovation, and opening doors to civic participation.
The Economy League launched its Impact Labs program line in 2019 with the Full City Challenge, focused on community-driven solutions to food insecurity in Philadelphia. In 2020 and 2023, Impact Labs also ran two health equity challenges, focused on behavioral and cardiovascular health. For more information see www.economyleague.org/impactlabs.
Media contact:
Ruth Stoolman
Ruth.Stoolman@ibx.com
215-667-9537