The TD Charitable Foundation, the charitable giving arm of Cherry Hill-based 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.
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 Oct. 30, 2020. Paper applications will not be accepted.
Notification of awards will be made by Mar. 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:
Applications must meet the following guidelines:
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