Major commitments include support of LISC and CONVERGENCE Philadelphia
TD Bank, America’s Most Convenient Bank, announced two new program relationships supporting key housing and home ownership initiatives in Philadelphia, including a $2.5 million financial commitment to Local Initiatives Support Corporation’s (LISC) Non-profit Preservation Initiative and a new relationship with CONVERGENCE Philadelphia. This investment further illustrates TD’s focus on deepening its support of communities of color across Philadelphia.
“TD has roots in metro Philadelphia and with that comes the responsibility to serve all communities here,” said Rob Curley, Regional President, Metro Pennsylvania and New Jersey for TD Bank. “By making tangible increases in resources and economic opportunities in Philadelphia, diverse and underserved individuals and families can realize their full potential and have the same financial security as their neighbors.”
TD Bank worked with local National Community Reinvestment Coalition (NCRC) members and Philadelphia community leaders to identify impactful initiatives that support areas of greatest need in the city, including mortgage origination, sustained support of non-profits and preserving the availability of affordable rental housing.
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“These relationships reinforce TD’s commitment to enriching the lives of our colleagues, customers and communities, and represent some of the best thinking when it comes to creating more equity in housing and lending for Black and Hispanic communities,” said Shelley Sylva, Head of U.S. Corporate Citizenship, TD Bank. “We’re excited to work together to drive meaningful change in housing accessibility and sustainability right here in Philadelphia.”
The Bank’s commitment includes:
Non-Profit Preservation Initiative (LISC Philadelphia): LISC’s housing strategy aims to maintain neighborhood assets and promote growth while protecting long-term residents’ and community members’ needs for affordable and equitable housing options. TD’s contribution of $2.5 million over two years to the Non-Profit Preservation Initiative will assist LISC’s work with non-profit building owners to preserve and protect 650 publicly assisted affordable housing rental units in neighborhoods across the city, with a priority focus in West Philadelphia and Eastern North Philadelphia.
“We are grateful for TD Bank’s bold commitment to the preservation of affordable rental housing in Philadelphia,” said Andrew Frishkoff, Executive Director of LISC Philadelphia. “The city has 4,800 non-profit-owned affordable rental units that need significant public and private reinvestment during the next 15 years for essential renovations and long-term affordability. TD’s investment will ensure that we can preserve the first 650 units while developing a multi-faceted strategy to help residents in all of the at-risk buildings to remain in safe, quality and affordable housing.”
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CONVERGENCE Philadelphia: The Mortgage Bankers Association (MBA) recently launched CONVERGENCE Philadelphia, its third city-based pilot program to promote and increase minority homeownership. CONVERGENCE Philadelphia joins initiatives underway in Memphis, Tennessee, and Columbus, Ohio, to identify and address homeownership barriers for Black and Hispanic individuals.
CONVERGENCE Philadelphia will be led by MBA and three cornerstone partners, including TD Bank. The multiyear commitment will involve the collaboration of a local network of housing leaders, community advocates, and industry stakeholders to strengthen existing programs and develop new long-term, sustainable solutions to help close the home ownership gap for Blacks and Hispanics in the city.
The announcement comes on the heels of TD’s recent Community Benefits Plan, which includes $50 million of lending, investment, philanthropy and other impact across 22 states and Washington, D.C., following the close of the bank’s merger with First Horizon Bank.
The support of LISC and CONVERGENCE is aligned to the TD Ready Commitment, the Bank’s longstanding commitment to creating a more inclusive and sustainable future. As part of this work, TD is targeting $775 million 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.
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