Silvernest Selected as Finalist for 2021 Ivory Prize for Housing Affordability
Recognized for nationwide homesharing program that strives to ensure every aging adult has access to affordable, safe and equitable housing
DENVER – March 9, 2021 – Silvernest, an online roommate-matching platform that pairs empty nesters, retirees and other compatible housemates for long-term homesharing, has been named a top 25 finalist for this year’s Ivory Prize for Housing Affordability. The Ivory Prize is an annual award organized by Ivory Innovations that recognizes ambitious, feasible and scalable solutions to housing affordability.
Ivory Innovations selected Silvernest as one of eight finalists in the Finance category, out of 160 total nominations that came in from across the country.
Silvernest is addressing one of the nation’s most pressing problems—affordable housing for a rapidly-growing aging population. Its homesharing platform enables homeowners to leverage their homes to generate passive income that can go toward financing their mortgage payments, make home modifications, and contribute to their living expenses and nest eggs. Renters benefit by gaining access to housing that’s typically below market rates. On a macro level, homesharing helps solve a number of challenges, such as providing an immediate inventory of budget-friendly housing and interrupting the path to homelessness.
“We see an enormous opportunity for homesharing to offset the financial challenges facing aging adults who may not have anticipated retirement periods upward of 20 and 30 years, while assisting others who are housing insecure,” said Silvernest President Riley Gibson. “We’re in the midst of a nationwide housing crisis that demands creative alternatives, and we’ve put the building blocks in place to stand up these initiatives in the communities that need them most.”
In addition to the financial payoffs, homesharing provides the companionship that comes with living with roommates, which has proven essential to healthy aging. Prolonged social isolation has shown to have detrimental effects on physical and mental health, and the Public Policy Institute estimates it costs the Medicare program an additional $6.7 billion a year.
“This year has shown how interlinked housing, and specifically affordability, is to our social and economic fabric,” said Abby Ivory, director of Ivory Innovations and Strategic Projects at the University of Utah’s David Eccles School of Business. “Silvernest and the other top 25 finalists in our 2021 class are pioneering new approaches, breaking down historic barriers and focusing on solutions that address multiple and complex problems through the lens of housing affordability.”
The Top 25 for the 2021 Ivory Prize for Housing Affordability were selected by the Prize’s Advisory Board, which is composed of some of the top minds in housing across the United States.
Silvernest is pioneering a new era in homesharing with an online service that pairs homeowners with qualified housemates, giving baby boomers, empty nesters and others a modern-day housing alternative. Through its roommate-matching, lease management and localized support services, Silvernest combines the tools, expertise and commitment to help people confidently participate in the homesharing movement. This hassle-free service takes care of the details, providing peace-of-mind by enabling people to stay in their homes, while benefiting from extra income and shared experiences. Visit us online at www.silvernest.com, read our blog, and follow us on Facebook and Twitter.