CHERRY HILL, N.J., Nov. 27, 2017 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, today announced it will assist in financing Project HOME's development of an affordable housing, LGBTQ-friendly residence for formerly homeless young adults. Project HOME is a non-profit organization empowering individuals to break the cycle of poverty and homelessness through affordable housing, employment, health care and education. The young adult residence will be the first of its kind in Pennsylvania, and among the first in the nation.
The bank has provided an $11 million commitment including a $6.7 million tax-exempt construction loan through its Commercial Real Estate Group and a $4.3 million investment through the Community Capital Group in partnership with Raymond James, with Raymond James Tax Credit Funds (RJTCF), a leading national sponsor of affordable housing, with more than $1.1 billion in tax credit equity closed in FY2017. RJTCF is excited to work for the first time with Project HOME, a recognized leader in providing affordable housing and supportive services to individuals at risk of homelessness, and pleased to continue our unparalleled relationship with TD Bank.
The funds will aid in the development of a four-story building with 30 one-bedroom apartments including a living area, a full-size eat-in kitchen, a bedroom, a bathroom and a walk-in closet. The main floor will also include a large community room, an exercise room, a common laundry room and property management and residential services offices.
"The development of Project HOME's newest affordable housing community in Northern Philadelphia addresses the threat of homelessness, and the devastating impact it can have on any young person starting out in life," said Mark McBride, Vice President for TD Bank. "We are proud to partner with an organization that shares TD Bank's values. We hope that by promoting diversity in our communities and making inclusion a core value, we can send a powerful message of encouragement to others."
Project HOME's new affordable housing units will be available for young adults (ages 18-23) who are homeless, have experienced homelessness or are at risk of homelessness, those who have aged out of foster care, disabled or special needs households, and LGBTQ individuals. Residents will have access to Project HOME's full range of programs, including classes, medical and behavioral health services and job training and placement. With a central location in North Philadelphia, the development will have excellent accessibility to public transportation, employment, shopping, and major roadways and interstate highways.
The groundbreaking ceremony for the first phase of the two-affordable housing development project at 1315 N. 8th Street has been scheduled for Wednesday, December 6, 2017.
"We are deeply grateful for TD Bank's leadership and support of this project and their shared belief that LGBTQ-friendly housing for young adults experiencing, or at risk of experiencing homelessness is vitally important to ending and preventing homelessness in Philadelphia," said Sister Mary Scullion, Executive Director and Co-Founder of Project HOME. "Homelessness is solvable in our lifetime and this residence brings us one step closer. Through employment opportunities, education, and a supportive community, these young adults will have the tools they need to break the cycle of poverty and homelessness while achieving their fullest potential."
"We are pleased to partner with Project HOME in our continued efforts to give-back," said Benjamin Kruger, Vice President of Commercial Real Estate at TD Bank. "From our experience, Project HOME operates housing with both professionalism and compassion. We look forward to supporting this initiative and future developments with the organization."
TD Bank creates strong relationships with customers by understanding their industry and their business.
This project represents the third transaction between TD Bank and Project HOME.
About Project HOME
Since 1989, Project HOME has helped thousands of people break the cycle of homelessness and poverty by providing a continuum of services that includes street outreach, supportive housing and comprehensive services that focus on health care, education and employment through both adult and youth education and enrichment programs at the Honickman Learning Center and Comcast Technology Labs and community-based health care services at the Stephen Klein Wellness Center. Project HOME has pledged to end chronic street homelessness in Philadelphia, housing1,000 adults who have been long-term street homeless, suffering from mental illness, and/or addiction; and youth who are homeless and/or aging out of foster care. To learn more, visit www.projecthome.org.
About Raymond James Tax Credit Funds
Raymond James Tax Credit Funds is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF). Since 1969, subsidiaries of RJF have been among the leading syndicators of affordable housing. Raymond James Tax Credit Funds has raised more than $8 billion in equity for more than 1,900 properties across the United States since the inception of the tax credit program in 1986. For more information, visit rjtcf.com.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 7,300 financial advisors in 3,000 locations throughout the United States, Canada and overseas. Total client assets are $693 billion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
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 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 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.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_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.