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HOW WE OPERATE RESPONSIBLE BANKING WORKPLACE ENVIRONMENT COMMUNITY GOVERNANCE


Affordable Housing (continued)


TD Charitable Foundation Activities To celebrate our 10th annual “Housing for Everyone” grant competition in 2015, the TD Charitable Foundation distributed 25 grants of US$100,000 each to non-profits focused on affordable housing for low-income senior citizens.


Here is one example of an award-winning project:


• Homes of Hope (Greenville, South Carolina) was awarded a grant to provide affordable and energy-efficient housing for low-income seniors in West Greenville, especially those in danger of being displaced from the neighborhood due to gentrification and other market forces.


Including these contributions, the Housing for Everyone competition has awarded nearly US$20 million since the program’s inception in 2006 to provide or improve access to safe, affordable housing to low- to moderate-income individuals.


TD’s Right Step Mortgage® In addition to community and foundation investments, TD also works to provide access to housing through our product offering.


We provided affordable financing to low- to moderate- income buyers through TD Bank’s Right Step Mortgage®


program. In 2015, TD originated 962 Right Step Mortgages, up from 749 in 2014, totaling $197.5 million.


The program features a low 3% down payment option and the potential for significant savings on a borrower’s monthly payment, with no private mortgage insurance requirement.


SPOTLIGHT


Women veterans and their families find a home in Philadelphia


Homelessness among U.S. veterans is a well- documented problem. It is particularly acute for returning servicewomen, who represent the fastest- rising percentage of homeless veterans.1


In response to this crisis, TD Bank is supporting the development of affordable rental housing for veterans and their families. Since 2012, TD Bank has partnered closely with Impact Services Corporation in Philadelphia to create a model veterans housing centre, which will open in 2016. Impact has transformed a former factory building, originally built in 1854 and located in the Kensington neighborhood of the city, into 26 units of affordable, supportive housing.


What’s unique is that the facility will focus on a specifically defined population group: low-income women veterans and their children. As a leading provider of services for veterans, Impact Services is on the front lines when it comes to identifying the needs of returning servicemen and women. Women veterans are up to four times more likely to be homeless than non-veterans. In Philadelphia, an estimated 200 women veterans with children face homelessness every year.


2015 Target


Provide 25 grants totalling US$2.5 million to organizations working to develop or rehabilitate affordable housing units


Rating 2015 Results Met Achieved 2016 Targets Same as 2015


Impact forecasts that the new facility will serve approximately 400 veterans and their family members over a 15-year period. In addition to the supportive housing, residents will have access to employment counselling, training and other support. The project is a 2015 Blue Ribbon Award Winner for Excellence in Community Development, an honour granted by the Philadelphia Association of Community Development Corporations.


In backing the project, TD Bank has provided US$12.7 million in equity and construction financing, and helped Impact Services apply for and win a US$250,000 grant from the Federal Home Loan Bank of Pittsburgh’s Affordable Housing Program. The project was also the recipient of a US$100,000 Housing For Everyone award from the TD Charitable Foundation.


1


Various sources used for this story: U.S. Department of Veterans Affairs; Impact Services Corporation; Easter Seals Call to Action White Paper; The Independent Budget “Veterans Agenda for the 114th Congress”


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