On Friday, as the nation observes Veterans’ Day, the foundation plans to surprise each vet with the news, many of whom were even homeless before securing housing in facilities operated by organizations including U.S.VETS, Volunteers of America, and Quest Communities.
This surprise is beneficial during a trying time for the country as high inflation, and rising interest rates continue to squeeze household budgets. On Thursday, Freddie Mac reported that the average 30-year rate rose to 7.08%, up from 6.95% last week. By comparison, rates were about 2.98% a year ago.
Meanwhile, rent costs jumped 0.8% in October and 7.5% annually, according to recent government data.
The foundation’s housing payment assistance is just one of the many ways it has “committed to supporting and thanking those who served our nation,” The Home Depot CEO Ted Decker said in a statement.
The foundation has already invested more than $400 million in veteran-related causes and improved more than 50,000 veteran homes and facilities since 2011. Four years ago, the Foundation pledged an additional $250 million to support veteran causes, bumping its total commitment to half a billion by 2025.
On Friday, the foundation pledged even more funds – to the tune of nearly $14.5 million – to support veteran housing initiatives across the U.S.
This includes allocating more than $2.2 million in funding for Operation Homefront, which will help hundreds of veterans with home repairs, transitional housing and critical financial assistance.
About $2.5 million will go to the Semper Fi & America’s Fund to help repair and modify homes for veterans with service-related disabilities. According to Home Depot, about four million veterans have a disability due to serving in the armed forces.
Another $2.5 million of the investment will go towards helping Habitat for Humanity International complete 130 critical home repairs and $1.6 million will go towards Path to Pro, a program providing free skilled trades training and certification to separating service members on or near military bases.
With tens of thousands of homeless veterans on any given night, Home Depot is “deeply invested in serving the military community” and will continue to do so through the foundation’s mission, Decker added.
In honor of Veterans Day, the foundation, Team Depot, and The Home Depot’s associate volunteer force plan to complete hundreds of service projects across the country as part of the foundation’s annual Operation Surprise campaign.