Centereach, N.Y. (January 8, 2019) – Community Development Corporation of Long Island (CDCLI) was awarded a $125,000 Housing for Everyone grant through TD Charitable Foundation, the charitable giving arm of TD Bank America’s Most Convenient Bank@. The grant will be used by CDCLI to expand its multifamily development portfolio on Long Island.
“CDCLI is thrilled to have received this award from the TD Charitable Foundation for its efforts and initiatives in the areas of affordable housing. Enhancing communities by providing attractive and obtainable housing opportunities is critical for Long Island’s sustainability,” said Gwen O’Shea, President and CEO of CDCLI.
The severe shortage of affordable rentals continues to pose challenges on Long Island. The Long Island Index 2018 Indicators Report shows that the number of LI residents living in single family homes continues to decline (a 6% decrease in the last 3 years). The median sales price of single family homes is out of reach for the average family. Currently, 18% of residents live in multifamily housing and in 5 years, 30% are expected to live in multifamily housing.
This contribution supports TD’s longstanding commitment to community enrichment through its newly launched Ready Commitment, a multi-year platform that actively promotes inclusivity, economic vitality, environmental wellbeing and health, enabling people of all backgrounds to succeed in a rapidly changing world. As part of The Ready Commitment, TD targets CDN $1 billion (US $775 million) in total by 2030 towards community giving in four critical areas: Financial Security, a more Vibrant Planet, Connected Communities and Better Health. Through this platform, TD aspires to create a more inclusive tomorrow — helping people of all backgrounds feel more confident, not just about their finances, but about their ability to achieve their goals. For information, visit td.com/thereadycommitment.
About Community Development Corporation of Long Island
Community Development Corporation of Long Island (CDCLI) invests its resources, talents, and knowledge in the people of Long Island, helping them to achieve their dreams of an affordable home in a vibrant community. Since its inception 49 years ago, CDCLI has assisted more than 220,000 Long Islanders and invested $1.45 billion into the communities in which they live. CDCLI is part of the NeighborWorks network, an affiliation of more than 240 nonprofit organizations located in every state, the District of Columbia and Puerto Rico. The NeighborWorks network was founded and is supported by NeighborWorks America, which creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities. For more information, please visit www.cdcli.org, like us on Facebook at www.facebook.com/cdcoflongisland, and follow us on Twitter and Instagram @cdcoflongisland.
About the TD Charitable Foundation
The TD Charitable Foundation is the charitable giving arm of TD Bank, America’s Most Convenient Bank®, one of the sixth largest commercial banking organizations in the United States. Since its inception in 2002, the Foundation has distributed more than $199 million and 19,400 grants through donations to local nonprofits from Maine to Florida. More information on the TD Charitable Foundation, including the online grant application, is available at TDBank.com
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world’s leading online financial services firms, with more than 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on October 31, 2018. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.