Home Depot invests $10 million to help veterans avoid homelessness
The non-profit arm of The Home Deport continues to support the nation’s veterans as it works towards it goal of investing $750 million to veteran causes by 2030.
In honor of its annual Operation Surprise initiative and Veterans Day, the Home Depot Foundation is investing $10 million to help veterans age in their current residences and avoid homelessness. The 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, The Home Depot said.
While veteran homelessness has decreased by 55% over the past decade, it began to rise again in 2023. 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.
"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."
Orange Surprise
In celebration of its annual Operation Surprise initiative, The Home Depot Foundation and Team Depot, the Home Depot's employee 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. It will also deliver special moments of appreciation to honor those who have served, the company said.
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.
The new funding announced Monday 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."
