TD Bank launches competition to increase affordable rental housing for families in New York City and beyond

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The TD Charitable Foundation, the charitable giving arm of TD Bank, has launched its annual “Housing for Everyone” competition that will award 30 winning organizations throughout TD Bank’s footprint with a total of $3.75 million in grants. 

The theme of this year’s competition is refurbishing to increase affordable rental housing and the 30 grants will seek to fund programs that provide access to safe, clean, physically accessible affordable rental housing units for families, individuals, the elderly, new Americans, veterans, the disabled, women and youth.

“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 percent more strained by housing costs than their home-owning 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.”

Rental burden, traditionally defined as 30 percent or more income utilization on rental housing costs, has grown to an average of 40 percent of Americans, according to a study conducted by The Pew Charitable Trusts in 2015. 

According to a 2018 national study of rental affordability by The Pew Charitable Trusts, rent-burdened families face additional layers of financial insecurity including average savings of less than $10 while their non-burdened and home-owning counterparts had $1,000 and $7,000 in liquid savings, respectively. These statistics point to overspending on housing costs, particularly those for renters, as a key indicator and contributor to unhealthy financial circumstances.

“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,” Carlson-Heim said.

 Applications will only be accepted through the TD Charitable Foundation’s online application system and should be submitted by 4 p.m. (EST) on Oct. 25, 2019.  Paper applications will not be accepted. 

 Notification of awards will be made by mid-February 2020.

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