CHERRY HILL, N.J., March 18, 2021 – TD Bank, America’s Most Convenient Bank, announced today that it has provided $7.5 million in tax-exempt construction financing to renovate a supportive housing community that offers a wide range of continuing care to individuals who have experienced homelessness, residents with disabilities and their families in the heart of North Philadelphia.
The loan will be made by the direct purchase of tax-exempt bonds in association with a 4% Low-Income Housing Tax Credit transaction. Project HOME will use the financing to renovate their Rowan Homes and Diamond communities, which consist of 39 units. The buildings will be upgraded and retrofitted to meet Enterprise Green Community standards and will exceed Energy Star Version 3 standards using low-flow plumbing, recycled materials and energy-efficient appliances and fixtures.
Project HOME will provide supportive services to all residents, who will all have access to resources through residential services on site, their existing learning/technology center, adjacent to the property, and their nearby wellness center located in Northwest Philadelphia.
The organization provides care with peer support and client services to its residents that has become a model for transitioning individuals and families back to independent living for more than 30 years. Residents come from safe havens, shelters and homeless outreach organizations and receive direct on-site services. The services and housing provide a critical lifeline to households in need facing eviction and homelessness, particularly during COVID.
Longstanding as a prime example of supportive housing done right, Project HOME has drawn attention and support over the years from notable area residents such as Jon Bon Jovi and the Middleton Family, which owns the Philadelphia Phillies.
Sister Mary Scullion, co-founder and executive director of Project HOME has long advocated for individuals experiencing homelessness. She lives in one of the buildings currently under renovation.
“This is a great project to be a part of. Project HOME is an amazing organization and we are honored to work with them on this,” said Sue Taylor, Vice President and Relationship Manager for Commercial Real Estate at TD Bank.
"At Project HOME, we recognize that it takes a community to bring everyone home," said Sister Mary. "TD Bank is an incredible community partner on this mission to ensure that everyone has a home that meets their needs, especially during this time of COVID when home has taken on a new meaning."
This project reinforces TD Bank’s The Ready Commitment, a multi-year program designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9.5 million customers with a full range of retail, small business and commercial banking products and services at more than 1,220 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
VP, Senior Corporate Communications Manager