The Community Builders awarded a $1 million grant
through the 2023 TD Ready Challenge
A 2023 TD Ready Challenge grant was awarded to The Community Builders for their two-part solution for the housing crisis in Boston and New Haven
March 5, 2024 (Boston, Mass.) – The Community Builders (TCB), a leading nonprofit housing organization, has received one of the 10 grants available under the 2023 TD Ready Challenge presented by TD Bank Group (TD) for its HOME ROOM: Economic Stability and Mobility Through Housing initiative. TD Bank’s $1 million investment will provide nearly 1,800 TCB residents access to housing stability and economic mobility packages through TCB’s Community Life (CL) program. CL serves as TCB’s place-based model that uses healthy and stable housing as a platform for residents to connect to community resources and opportunities to thrive.
The HOME ROOM initiative, designed to address the housing crisis with a two-fold strategy, will target the needs of residents facing chronic housing instability in Boston, Mass. and New Haven, Conn. The initiative will focus on construction to increase the supply of permanent supportive and affordable family housing units, and the implementation of Wealth and Housing, a place-based financial and wraparound housing stability and economic mobility service through CL.
“It is an honor to be part of the TD Ready Challenge, as we advance The Community Builders’ mission to build and sustain strong communities where all people can thrive,” said Elizabeth Gonzalez Suarez, TCB vice president of Community Life. “With TCB Community Life, HOME ROOM provides housing stability for today and economic mobility for tomorrow. Community Life coaches, trusted by our residents, work to remove barriers to housing stability and economic opportunity for all.”
In 2022, TD Bank Housing for Everyone funded a TCB pilot with impressive results. Within the first 12 months, 85 percent of residents had an escrow savings account averaging $5,000; 79 percent of children ages three to five were enrolled in good preschools; and 77 percent of participants improved their credit score by an average of 26 points.
With the 2023 TD Ready Challenge grant, TCB will expand the pilot program across Connecticut and Massachusetts. The grant will be phased in over two years and will include housing, team building, CL supportive services, and rent reporting for credit building.
“Partnering with TD Bank, we’re excited to amplify housing innovation through HOME ROOM,” said Stephanie Garrett-Stearns, TCB vice president of communications and fund development. “The housing crisis impacts everyone. That’s why HOME ROOM includes permanent supportive housing and affordable family housing for those who need it most. Our residents are at the center of all we do, and this award will set them on a path to lasting housing and financial stability.”
“Safe and affordable housing is paramount to one’s overall stability – it is linked to all aspects of our lives, from our health outcomes to our financial security. Here at TD, we want to be a part of helping communities to prosper in ways that can lead to sustainable economic growth,” said Sheryl McQuade, Regional President, New England Metro, TD Bank. “The TD Ready Challenge grant program is dedicated to helping to build a more equitable world and the great work that The Community Builders are doing is making an impact for those who need it most.”
The TD Ready Challenge is part of the Bank’s longstanding commitment to help support organizations that are working to create a more inclusive and sustainable future. Each year, the TD Ready Challenge invites eligible organizations to submit applications that offer solutions to a problem statement that is connected to one or more of the four drivers of the TD Ready Commitment: Financial Security, Vibrant Planet, Connected Communities and Better Health. In previous years, the TD Ready Challenge problem statement has focused on helping to drive more equitable health outcomes, address income stability, and address pandemic-related learning loss.
In total, TD awarded 10 grants of $1 million each (in CDN for Canadian organizations or USD for US organizations) as part of the 2023 TD Ready Challenge, to organizations like The Community Builders that are striving to address the pressing housing crisis by fostering economic stability and mobility through housing initiatives.
A full list of TD Ready Challenge grant recipients as well as more information about the program can be found at: www.td.com/thereadychallenge.
About The Community Builders:
The Community Builders’ mission is to build and sustain strong communities where all people can thrive. Our mission-driven businesses work with partners to develop, finance and operate residential communities, neighborhood amenities and opportunity programs for families, seniors and adults with disabilities. Since 1964, we have advanced housing equity through award-winning affordable and mixed-income communities and our pioneering Community Life model for resident success. Today, our ownership and management portfolio include over 14,000 apartment homes. Anchored by offices in Boston, Chicago, Columbus, New York and Washington D.C., we operate across 15 states.
About The TD Ready Commitment
TD has a long-standing commitment to enriching the lives of its customers, colleagues and communities. As part of its corporate citizenship platform, the TD Ready Commitment, TD is targeting CDN $1 billion (U.S. $775 million) in total by 2030 towards community giving in four areas critical to help open doors for a more inclusive and sustainable tomorrow – Financial Security, Vibrant Planet, Connected Communities and Better Health. Through the TD Ready Commitment, TD aspires to link its business, philanthropy and human capital to help people feel more confident – not just about their finances, but also in their ability to achieve their personal goals in a changing world. For further information, visit td.com/tdreadycommitment.
