September 13, 2019
TD Bank’s charitable giving arm, the TD Charitable Foundation, has announced plans to award $3.7 million in grants to organizations dedicated to seeking solutions to expand the stock of affordable rental units in the country, as the ongoing affordable housing crisis in the U.S. creates a number of economic issues, including the inability of households and individuals to establish financial stability.
Housing costs continue to consume a growing share of income, making building credit and paying off student debt more and more difficult.
The foundation will award a total of $3.75 million to 30 local housing non-profit organizations to refurbish existing housing stock and create affordable rental units across the country.
“Throughout the communities TD serves from Maine to Florida, issues related to affordability for renters emerged as a more prevalent concern than affordability for homeowners,” said Paige Carlson-Heim, director of the TD Charitable Foundation. “On average, renters are 25-45% more strained by housing costs than their homeowning counterparts. To address this growing crisis, the TD Charitable Foundation has chosen to focus on affordable rental housing in this year’s Housing for Everyone competition.”
The goal of the competition is to offer support to non-profits that refurbish existing housing stock for affordable rental units. The grants from TD Bank will fund programs that provide access to affordable rental housing units for families, individuals, the elderly, new Americans, veterans, the disabled, women and youth.
Applications will be accepted through the TD Charitable Foundation’s online application system , and should be submitted by October 25, 2019. Notification of awards will be made by mid-February 2020.
“We at TD recognize that affordable housing improves the quality of life of residents by leading to better health, adequate jobs, financial stability, security, and population diversity. The effects of affordable housing on residents are profound and capable of transforming communities,” said Carlson-Heim.
For comments, questions or concerns, please contact David Cohen