Over the next decade, the Home Depot Foundation plans to spend $100 million to improve communities across the U.S. by financing affordable housing and planting and preserving trees.
The investment will support the development of 100,000 new homes, all designed to be affordable as well as environmentally responsible, outcomes the funder says will lower utility bills and maintenance expenses and improve indoor air quality.
The homes will be located near public transportation, job opportunities and recreational facilities in an effort to improve the quality of life for working families.
Currently, more than 14 million families in the U.S. pay more than half their income for housing, the foundation says, and available affordable housing trails demand by 5.3 million units.
The foundation’s investment also will fund the preservation or planting of more than three million trees in urban areas over the next decade.
“We believe in creating environments – both inside a home and outside in a community – that contribute to the financial stability, personal success, physical health and overall well-being of our neighbors,” Kelly Caffarelli, executive director of the foundation, says in a statement.