The Home Depot Foundation Invests $10 Million to Help Veterans Age in Place and Avoid Homelessness
SOURCE: The Home Depot Foundation
ATLANTA, Nov. 11, 2024 /PRNewswire-HISPANIC PR WIRE/ — In honor of Veterans Day and the annual Operation Surprise initiative, The Home Depot Foundation is investing $10 million to help veterans age in place and avoid homelessness. This significant funding will address the urgent need for affordable and stable housing for older veterans, a population that is expected to increase in the coming decades.
According to recent projections from the Department of Veterans Affairs (VA), the number of veterans over the age of 85 requiring care will increase by a staggering 535% over the next 20 years. Research also indicates that homelessness among people 65 and older will peak by 2030, with veterans being hit the hardest compared to the general population. While homelessness among veterans has declined by 55% over the past decade, it began to rise again in 2023.
“As veterans age, small accessibility modifications can mean the difference between staying in their own homes or being displaced,” said Erin Izen, CEO of The Home Depot Foundation. “With this new $10 million investment, The Home Depot Foundation is proud to continue our support of our nonprofit partners who improve veteran housing across the country, to help veterans maintain their independence and safety for years to come.”
The funding announced today will facilitate:
• Creation of affordable housing: More than 230 new rental units, built or renovated by organizations like U.S. VETS and the Coalition for Responsible Community Development, will be made available to veterans.
• Critical home repairs: More than 125 urgent home repairs for low-income veteran families will be completed by organizations like Operation Homefront.
• Financial relief: Rental and/or mortgage assistance provided by the Housing Assistance Council and similar organizations will be offered to more than 270 veterans.
• Home adaptations and smart homes: 400 home adaptations and critical repairs will be completed by Semper Fi & America’s Fund, and seven new fully customized smart homes will be built by the Gary Sinise Foundation for veterans with significant service-connected disabilities.
“The Home Depot Foundation’s generous investment is an important step 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 partners in this initiative to expand affordable and accessible housing that supports and 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 volunteer force of partners, will conduct hundreds of service projects across the country to improve the safety and accessibility of veterans’ homes. Throughout the month of November, Team Depot will focus on making veterans’ homes safer, more accessible and more livable for the long term. Beyond physical improvements, Team Depot will also offer special moments of thanks to honor those who have served.
On Veterans Day last year, The Home Depot Foundation announced that it had surpassed $500 million invested in veterans causes since 2011, meeting its previous financial commitment two years early. The Foundation also unveiled plans to grow its mission of serving those who served, with an updated commitment of $750 million to veterans causes through 2030. Through this commitment, an increase of $250 million, the Foundation, its nonprofit partners and Team Depot will focus primarily on affordable housing issues and benefit approximately 50,000 veterans.
The Home Depot is proud to have tens of thousands of veterans, service members and military spouses wearing orange aprons. For more information on 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 help veterans make their homes more welcoming for veterans.
