The Home Depot Foundation invests $9 million to provide housing for more than 3,400 veterans battling homelessness

Rhea-AI Summary

The Home Depot Foundation is investing $9 million to provide housing solutions for over 3,400 homeless veterans. This funding will support the construction of 300 new housing units and the repair of around 200 additional units across the nation. Collaborations with national and local nonprofits will facilitate these efforts. The initiative also includes landlord incentive programs that have seen success in cities like Los Angeles and Chicago. The Foundation aims to counter the rising number of homeless veterans, which was recorded at 35,000 on any given night. Additional funding will support research on housing needs for aging, rural, low-income, and disabled veterans.

Positive

• The Home Depot Foundation is investing $9 million in veteran housing.
• Funding will construct 300 new housing units and repair 200 more.
• Collaboration with national and local nonprofits to maximize impact.
• Landlord incentive programs show promising results in major cities.
• Foundation's initiatives address barriers faced by at-risk veterans.

Negative

• The number of homeless veterans has started to rise again, with 35,000 veterans experiencing homelessness on any given night.

Grants will fund the construction of more than 300 new units of housing

ATLANTA, June 24, 2024 /PRNewswire/ -- The Home Depot Foundation is investing $9 million to provide housing solutions for over 3,400 veterans battling homelessness. This funding will support the construction of more than 300 new housing units and the repair of nearly 200 additional units, bringing much-needed stability and comfort to veterans across the nation.

Over the past decade, the number of homeless veterans has decreased by 55%, according to the U.S. Department of Housing and Urban Development. However, last year, that number began to rise again, with an average of 35,000 veterans experiencing homelessness on any given night. The Home Depot Foundation's grants will play a pivotal role in countering this challenge by creating new housing units through collaborations with national nonprofit partners including Volunteers of America, Housing Assistance Council and Tunnel to Towers, as well as local nonprofits in Georgia, Ohio and Massachusetts.

"We are deeply committed to ensuring that our nation's heroes have a safe and comfortable place to call home," said Erin Izen, executive director of The Home Depot Foundation. "Our investment is not just about building structures; it's about building hope and providing the security that every veteran deserves."

In partnership with other nonprofits like Community Solutions, these grants will also facilitate the process of finding and securing existing housing for an additional 3,000 homeless veterans. An integral part of this initiative includes funding for landlord incentive programs, which are crucial in overcoming the barriers faced by at-risk and homeless veterans in finding sustainable housing. Over the past year, the Foundation's pilot landlord incentive programs with U.S. VETS and Volunteers of America have seen promising success in Los Angeles, Honolulu and Chicago. In April, the Foundation launched the LOVE (Landlord, Organizations, and Veterans Engagement) Fund in Atlanta, a dedicated resource aimed at assisting veterans who are housing insecure or transitioning from homelessness. Under the direction of the National Coalition of Homeless Veterans and Open Doors Atlanta, this fund empowers local nonprofits to work directly with landlords, addressing challenges such as poor credit history or past evictions that often prevent veterans from obtaining housing.

"We are honored to partner with The Home Depot Foundation in this transformative endeavor," said Matt Hurd, executive director of Open Doors Atlanta. "Their unwavering support and generous funding are instrumental in our mission to ensure every veteran and individual in the city of Atlanta has a place to call home."

Beyond immediate housing solutions, the Foundation's funding will also support essential research, studies and training on aging, rural, low-income and disabled veterans, as well as housing trends and specific housing needs through the Housing Assistance Council.

About The Home Depot Foundation 

The Home Depot Foundation, the nonprofit arm of The Home Depot (NYSE: HD), works to improve the homes and lives of U.S. veterans, support communities impacted by natural disasters and train skilled tradespeople to fill the labor gap. Since 2011, the Foundation has invested more than $500 million in veteran causes and improved more than 60,000 veteran homes and facilities. The Foundation has pledged to invest $750 million in veteran causes by 2030 and $50 million in training the next generation of skilled tradespeople through the Path to Pro program by 2028. To learn more about The Home Depot Foundation visit HomeDepotFoundation.org and follow us on X @HomeDepotFound and on Facebook and Instagram @HomeDepotFoundation.

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SOURCE The Home Depot Foundation

FAQ

What is The Home Depot Foundation's recent investment for veterans?

The Home Depot Foundation is investing $9 million to provide housing solutions for over 3,400 homeless veterans.

How many new housing units will be constructed through The Home Depot Foundation's investment?

The investment will support the construction of 300 new housing units.

Which nonprofits are partnering with The Home Depot Foundation?

The Foundation is partnering with nonprofits like Volunteers of America, Housing Assistance Council, and Tunnel to Towers, among others.

What is the purpose of the landlord incentive programs funded by The Home Depot Foundation?

The landlord incentive programs aim to help at-risk and homeless veterans overcome barriers in finding sustainable housing.

Where have The Home Depot Foundation's landlord incentive programs seen success?

These programs have seen promising success in Los Angeles, Honolulu, and Chicago.

What additional aspects will The Home Depot Foundation's funding support?

The funding will also support research, studies, and training on housing needs for aging, rural, low-income, and disabled veterans.