The increasing shortage of affordable housing creates a multitude of economic issues, including the inability of households and individuals to establish financial stability and plan for the future. As housing costs consume a growing share of income, it forces decisions that make it virtually impossible to build credit and pay off student debt.
To help address those issues, the TD Charitable Foundation, the charitable giving arm of TD Bank, is seeking solutions to expanding the stock of affordable rental units and plans to award grants totaling $3.75 million to thirty local housing nonprofit organizations to refurbish existing housing stock and create safe, healthy, and affordable rental units for families, individuals, the elderly, new Americans, veterans, the disabled, women, and youth.
Applications for funding through the program must focus on:
Preservation/Rehabilitation/Expansion of viable existing affordable housing properties — Including the redesign, reconfiguration, and or re-use of existing space in affordable housing properties with the goal of the quality and quantity of affordable housing units that meet the specific needs of the population they are intended to serve. Upgrades to systems, structure, and efficiency of properties to preserve and prolong their use also will be considered.
Special consideration will also be given to those initiatives that focus on energy efficiency. Initiatives may also benefit from utilizing underused or abandoned properties.
To be eligible, applicant organizations must be tax-exempt under section 501(c)(3) of the Internal Revenue Code or be a state/local government entity; have a history of developing, maintaining, and/or providing affordable housing for low- and moderate-income families or individuals; be able to show the impact they have made to affordable housing efforts in their community; be able to show fiscal responsibility and ongoing viability; be current on all outstanding debt obligations, utility payments, and taxes; be able to quantify the impact of the proposed affordable housing project; and 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.
In addition, housing units or properties to be improved must be located in a TD Bank, N.A. metro market area and must be developed for and occupied by low- and moderate-income families or individuals;
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 25. Notification of awards will be made by mid-February 2020.
For additional information and the online application, click on the Housing for Everyone grant competition tab on the TD Foundation funding opportunities page.