New commitment bolsters the Foundation's
progress toward $750 million
investment by 2030
ATLANTA, Nov. 11,
2024 /PRNewswire/ -- 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.
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 $550
million in veteran causes and improved more than 65,000
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 Twitter @HomeDepotFound and on
Facebook and Instagram
@HomeDepotFoundation.
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SOURCE The Home Depot Foundation