Creating Opportunities for Affordable Housing
Investing in Our Communities
During the past three years, TD Bank has made 113 community development loans to help address affordable housing in the communities we serve. These loans represent over US$423 million in funding, which helped build nearly 4,000 new homes or apartments. Since January 1, 2010, TD Bank has also invested almost US$240 million in low-income housing tax credits in support of 26 housing projects.
TD Bank received an “Outstanding” Community Reinvestment Act (CRA) performance rating from the Office of the Comptroller of the Currency in our most recent examination. Read more about CRA.
The TD Charitable Foundation has donated US$7.2 million in the last three years to create, rehabilitate or maintain affordable housing for thousands of people in local communities.
In 2010, the foundation dedicated US$2.5 million to grants in support of not-for-profit organizations that have knowledge and awareness of local needs. These community-based organizations have the capability to develop, implement and maintain programs that increase access to affordable housing.
Housing for Everyone
Since its inception in 2006, the Housing for Everyone grant competition has awarded more than US$8 million in donations in the areas of pre-development lending, homeless shelters and transitional housing, capacity building and housing stabilization.
Moorestown Ecumenical Neighborhood Development (“MEND”) is a non-profit organization which has been providing affordable housing for families, the elderly and handicapped individuals in Burlington County, New Jersey since 1969. MEND, a US$100,000 award recipient of the 2010 TD Charitable Foundation’s Housing for Everyone grant competition, recently completed the development of 36-units of rental housing for low- and moderate-income seniors in Medford, New Jersey. TD Bank provided construction loan financing (US$3.5MM), as well as participation as a low-income housing tax credit investor (US$7.1MM).
Impact: New, safe and affordable housing for 36 low- to moderate-income seniors (age 62 or older) in a suburb of Philadelphia where there is a great need for affordable housing.