Home Depot Foundation invests $10M to assist veterans with aging in place
The Home Depot Foundation — the philanthropic arm of the home improvement retail conglomerate — announced that it is investing $10 million for the purpose of enabling older military veterans to age in place in their homes. The goal is to help them avoid homelessness by funding affordable housing construction, home repairs and adaptations as well as giving out financial assistance.
The new commitment furthers the foundation’s stated goal of reaching $750 million in investment activity.
“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,” the announcement explained. “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.”
Making small accessibility improvements or renovations in the home can sometimes be the difference between remaining housed or becoming displaced, according to 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,” Inzen said.
There are four key areas the funding will be applied toward.
One is the creation of roughly 230 new or refurbished rental housing units through organizations such as U.S.VETS and the Coalition for Responsible Community Development to be made available to veterans. A second will provide 125 “urgent home repairs” for low-income veteran families to be completed by organizations such as Operation Homefront.
Additionally, rental and/or mortgage assistance will be made available to 270 veterans, along with home adaptations and critical home repairs — including the implementation of smart-home technology — for 400 veterans.
“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.”
Smart-home technology is becoming an increasingly important component of aging in place. Additionally, veterans are a cohort that is largely unaware that housing grants exist to help them remain in their homes as they get older, according to AARP survey data.
Home Depot’s recent earnings report could give context to its moves in the housing market. The company indicated that people are increasingly selective about investments, favoring essential and/or seasonal maintenance over major remodels.