The TD Charitable Foundation Provides $4.9 Million to Address Growing Rental Burden Crisis
15th Annual Housing for Everyone Competition Increases Monetary Awards by 30%
CHERRY HILL, N.J., Sept. 14, 2020 /PRNewswire/ -- The TD Charitable Foundation, the charitable giving arm of TD Bank, America's Most Convenient Bank®, will award $4.9 million to 32 local housing non-profit organizations to provide direct relief and supportive services to keep renters in their affordable units in the wake of the economic instability caused by COVID-19. According to the National Low Income Housing Coalition, 30-40 million people who rent are at risk of losing their homes by the end of 2020.
"Given the urgent need for rent relief, the TD Charitable Foundation increased the total monetary amount of grants by 30%, from $3.75 million up to $4.9 million this year," said Paige Carlson-Heim, Director of the TD Charitable Foundation. "TD Bank represents one of few funders working to support affordable housing efforts for families and individuals who rent. We wanted to increase our support given the extra burden created by the pandemic," said Carlson-Heim.
This marks the Foundation's 15th annual Housing for Everyone grant competition, awarding over $32 million to support approximately 500 affordable housing initiatives since the program's inception in 2005.
COVID-19 related Impacts Hurt the Most Vulnerable
The ongoing impact of COVID-19 has continued to disproportionately affect those most vulnerable, including renters. Nearly one-third of renters comprise the employment sector hardest hit by the pandemic -- food, entertainment and retail workers, according to a study published in April by the Housing Finance Policy Center of the Urban Institute Avoiding COVID-19 disaster for renters and housing market. Additionally, the service worker industry has suffered considerably, leaving another 23% of the renter labor force in economically volatile situations. The lack of direct rent relief programs, coupled with an annual median household income for renters of $41,000 compared to $78,000 for homeowners, makes renters more vulnerable to economic downturns.
"Access to direct relief for renters, coupled with case management so that families have childcare, access to social services and connectivity to community resources will help stabilize renters through an unprecedented time," said Paige Carlson-Heim, Director of the TD Charitable Foundation. "The TD Charitable Foundation, through this year's Housing for Everyone competition, will help create a safety net across the diverse communities we serve from Maine to Florida."
2020 Grant Competition Focus
The goal of this year's competition is to support non-profits that either design or manage a rental relief program or enhance case management support for renters. The grants will fund programs that provide access to safe, clean, physically accessible and affordable rental housing units for families, individuals, the elderly, new Americans, veterans, the disabled, women and youth.
The Housing for Everyone grant competition supports TD's longstanding commitment to community enrichment through TD's corporate citizenship platform, The Ready Commitment. The Ready Commitment actively promotes inclusivity, economic vitality, environmental wellbeing and health, enabling people of all backgrounds to succeed in a rapidly changing world. As part of The Ready Commitment, TD targets US $775 million in total by 2030 towards community giving in four critical areas: Financial Security, a more Vibrant Planet, Connected Communities and Better Health.
Through this platform, TD aspires to create a more inclusive tomorrow -- helping people of all backgrounds feel more confident, not just about their finances, but about their ability to achieve their goals. Visit: https://www.tdbank.com/corporate-responsibility/the-ready-commitment/
Application Details
Applications will only be accepted through the TD Charitable Foundation's online application system and should be submitted by 4:00 p.m. (EST) on October 30, 2020. Paper applications will not be accepted.
Notification of awards will be made by March 2021.
The online application and additional information about the Housing for Everyone grant competition is available at https://www.tdbank.com/corporate-responsibility/the-ready-commitment/funding-opportunities/?tabcontent1=content3
Applications for funding must focus on:
- Direct Relief Funds and Supportive Services for Tenants/Families: This may include emergency assistance programs operated by the nonprofit organization managing the property to be benefitted by the relief funds, or as an outside organization that facilitates payments directly to the property management company responsible for each unit receiving relief aid. Emergency assistance programs seeking to prevent families from entering eviction litigation are especially encouraged to apply. Wraparound/case management services designed to help families stay in their homes are also qualifying programs. Case management services could include (but are not limited to): working with families behind on rental payments to apply for other public benefits, connecting them with sustaining wage job opportunities, referring families to resources related to child care, healthcare, or other components critical to thriving in affordable housing.
- Special consideration will also be given to those initiatives that focus on energy efficiencies to be realized through foundation funding. Initiatives may also benefit from utilizing underused or abandoned properties.
Applications must meet the following guidelines:
- Applicant organization must be tax-exempt under IRS Code 501(c) (3) or must be a state/local government entity;
- Housing units or properties to be improved must be located in a TD Bank, N.A. metro market area;
- Applicant organization must not discriminate on the basis of race, national or ethnic origin, color, religion, age, sex, sexual orientation, gender identification, marital status, family status, veteran status, disability or other characteristic protected by law.
- Applicant organization must have a history of developing, maintaining and/or providing affordable housing for low- and moderate-income families or individuals
- Applicant organization must be able to show the impact it has made to affordable housing efforts in their community;
- Applicant organization must show fiscal responsibility and ongoing viability;
- All housing units or properties to be improved or developed must be for and occupied by low- and moderate-income families or individuals;
- Applicant organizations seeking funds for the rehabilitation of rental units must complete renovations to those units sometime during the period from the receipt of funds through December 2022
- Applicant organization must be current on all outstanding debt obligations, utility payments and taxes, there can be no unsatisfied judgments/liens for which the applicant is liable;
- Applicant organization must be able to quantify the impact of its proposed affordable housing project;
- Applicant organization must not have any pending legal actions against it.
About the TD Charitable Foundation
The TD Charitable Foundation is the charitable giving arm of TD Bank, America's Most Convenient Bank®, one of the 10 largest commercial banking organizations in the United States. Since its inception in 2002, the Foundation has distributed over $243 million through donations to local nonprofits from Maine to Florida. More information on the TD Charitable Foundation is available at https://www.tdbank.com/corporate-responsibility/the-ready-commitment/funding-opportunities/
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9.5 million customers with a full range of retail, small business and commercial banking products and services at more than 1,220 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
SOURCE TD Bank
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