The Home Depot Foundation invests $10 million to help veterans age in place, avoid homelessness

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The Home Depot Foundation is investing $10 million to help veterans age in place and avoid homelessness. This funding supports the Foundation's goal of a $750 million investment by 2030. The initiative addresses the growing need for accessible housing for aging veterans, with the VA projecting a 535% increase in veterans over 85 needing care in the next 20 years. The funding will facilitate the creation of over 230 new or refurbished rental units, conduct 125 home repairs, provide financial relief to 270 veterans, and complete 400 home adaptations and 7 custom smart homes. The Home Depot Foundation has surpassed $500 million invested in veteran causes since 2011 and aims to impact 50,000 veterans by 2030. The Foundation and Team Depot will also undertake service projects nationwide to enhance the safety and accessibility of veterans' homes.

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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

FAQ

What is the recent investment by The Home Depot Foundation for veterans?

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

How many new or refurbished rental units will be created for veterans with the recent investment?

Over 230 new or refurbished rental units will be created for veterans.

What is the projected increase in veterans over 85 needing care in the next 20 years?

The VA projects a 535% increase in veterans over 85 needing care in the next 20 years.

How many home adaptations and custom smart homes will be completed for veterans?

The funding will complete 400 home adaptations and 7 custom smart homes for veterans.

What is The Home Depot Foundation's total investment goal by 2030?

The Home Depot Foundation aims for a $750 million investment in veteran causes by 2030.

How many veterans does The Home Depot Foundation aim to impact by 2030?

The Home Depot Foundation aims to impact 50,000 veterans by 2030.