The Home Depot Foundation Invests $10 Million To Help Veterans Age in Place, Avoid Homelessness

Rhea-AI Summary

The Home Depot Foundation has announced a $10 million investment to help veterans age in place and prevent homelessness. This funding comes as the VA projects a 535% increase in veterans over 85 needing care in the next 20 years. The investment will support: 230 new or refurbished rental units, over 125 urgent home repairs, rental/mortgage assistance for 270 veterans, and 400 home adaptations plus seven custom smart homes for disabled veterans. This initiative is part of the Foundation's updated commitment of $750 million to veteran causes by 2030, following their achievement of surpassing $500 million invested since 2011.

Positive

• Surpassed $500 million investment goal in veteran causes two years ahead of schedule
• Expanded commitment to $750 million for veteran causes by 2030
• Strategic investment addressing growing veteran housing needs

Negative

• None.

Insights

Market Research Analyst

While The Home Depot Foundation's $10 million investment in veteran housing initiatives demonstrates strong corporate social responsibility, the direct financial impact on HD's $398.7 billion market cap is minimal. The commitment extends the Foundation's previous $500 million veteran cause investment to $750 million by 2030, representing a small portion of HD's annual revenue.

The initiative may provide modest indirect benefits through brand enhancement and customer loyalty, particularly among the military community. With tens of thousands of veterans employed at Home Depot stores, this program aligns with their workforce strategy and could aid in veteran recruitment and retention. However, the financial implications for shareholders are not material enough to significantly impact stock performance.

NORTHAMPTON, MA / ACCESSWIRE / November 12, 2024 / The Home Depot:

Originally published on Built From Scratch

In honor of Veterans Day and the annual Operation Surprise initiative, The Home Depot Foundation is investing $10 million to help veterans age in their current residences and avoid homelessness. This significant funding will address the urgent need for accessible and stable housing for aging veterans, a population that is expected to surge in the coming decades.

According to recent projections from the Department of Veterans Affairs (VA), the number of veterans over the age of 85 who require care will increase by a staggering 535% over the next 20 years. Research also indicates that homelessness among individuals aged 65 and older will reach its peak by 2030, with veterans being disproportionately affected compared to the general population. While veteran homelessness has decreased by 55% over the past decade, it began to rise again in 2023.

"As veterans age, small accessibility modifications can mean the difference between remaining in their own homes versus being displaced," said Erin Izen, executive director of The Home Depot Foundation. "With this new $10 million investment, The Home Depot Foundation is proud to further our support of our nonprofit partners improving veteran housing across the country, helping veterans safely maintain their independence for years to come."

The funding announced today will facilitate:

• Creation of affordable housing: Over 230 new or refurbished rental units constructed by organizations including U.S.VETS and Coalition for Responsible Community Development will be made available for veterans.

• Critical home repairs: More than 125 urgent home repairs for low-income veteran families will be conducted by organizations such as Operation Homefront.

• Financial relief: Rental and/or mortgage assistance provided by Housing Assistance Council and similar organizations will be provided to over 270 veterans.

• Home adaptations and smart homes: 400 home adaptations and critical home repairs will be completed by Semper Fi & America's Fund, and seven new fully custom smart homes will be built by Gary Sinise Foundation for veterans with significant service-related disabilities.

"The generous investment from The Home Depot Foundation is an important step forward in our shared mission to support and uplift our veterans through housing," said Stephen Peck, CEO of U.S.VETS. "We are honored to be a partner in this initiative to expand affordable, accessible supportive housing that meets the needs of those who have bravely served our nation."

In celebration of its annual Operation Surprise initiative, The Home Depot Foundation and Team Depot, The Home Depot's associate volunteer force, will undertake hundreds of service projects nationwide to enhance the safety and accessibility of veterans' homes. Throughout the month of November, Team Depot will focus on making veteran housing safer, more accessible and livable for the long run. Beyond physical improvements, Team Depot will also deliver special moments of appreciation to honor those who have served.

On Veterans Day last year, The Home Depot Foundation announced it had surpassed $500 million invested in veteran causes since 2011, meeting its previous financial commitment two years early. The Foundation also laid out plans to grow its mission to serve those who served with an updated commitment of $750 million to veteran causes by 2030. Through this incremental $250 million commitment, the Foundation, its nonprofit partners and Team Depot will focus primarily on affordable housing issues and will impact an estimated 50,000 veterans.

The Home Depot is proud to have tens of thousands of veterans, service members and military spouses in orange aprons. To learn more about The Home Depot's commitment to the veteran and military communities, visit homedepot.com/military. Follow #OperationSurprise to see how the Foundation and Team Depot are making homes more welcoming for veterans across the country.

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Contact Info:

Spokesperson: The Home Depot
Website: https://www.3blmedia.com/profiles/home-depot
Email: info@3blmedia.com

SOURCE: The Home Depot

View the original press release on accesswire.com

FAQ

How much did The Home Depot Foundation (HD) invest in veteran housing in November 2024?

The Home Depot Foundation invested $10 million to help veterans age in place and avoid homelessness.

What is The Home Depot's (HD) total commitment to veteran causes by 2030?

The Home Depot Foundation has committed to investing $750 million in veteran causes by 2030.

How many veteran housing units will The Home Depot's (HD) 2024 investment create?

The investment will create 230 new or refurbished rental units for veterans through organizations including U.S.VETS and Coalition for Responsible Community Development.