TD Bank Targets $20 Billion to Spark Economic Opportunities for Low- and Moderate-Income, Diverse and Underserved Communities across 15 States and Washington, D.C.

TD Bank, America's Most Convenient Bank, today announced a three-year Community Impact Plan that will provide an estimated $20 billion supporting lending, philanthropy, banking access and other activities for the benefit of diverse and underserved communities. This strategy, developed with insight from the National Community Reinvestment Coalition (NCRC), will target communities across TD Bank's U.S. presence in 15 states and Washington, D.C.

“At TD Bank, we know our success is tied directly to the people and the communities we serve. When they flourish, we succeed,” said Leo Salom, President and CEO of TD Bank, America's Most Convenient Bank. “One of our primary objectives as a purpose-driven bank is to help power economic opportunities that help low- and moderate-income (LMI), diverse and underserved communities achieve their financial goals. Our Community Impact Plan is designed to achieve that vital role as we build on TD's long-term community focus.”

The Community Impact Plan expands TD's mission to positively impact social and economic outcomes for all who live in the communities it serves and enhance financial inclusion for diverse and underserved individuals and businesses.

“I’m glad to see TD’s leadership demonstrate a continued commitment to the values and principles that have guided our conversations to date and look forward to more strong collaboration in future,” said Jesse Van Tol, NCRC President and CEO. “Every bank should set ambitious goals for supporting underserved communities. And we’re pleased to provide strategic insights to advance this strategy. Those efforts can only be effective if they are informed by the input of community leaders like NCRC and our members. TD listened and then delivered this new Community Impact Plan to help ensure its investments and programs are aligned to community needs.”

TD Bank's Community Impact Plan comprises:

Mortgage Lending and Consumer Products
TD Bank will enable affordable home ownership by providing $10 billion in residential loans and liquidity to the residential lending market. This includes first-time homebuyer and home equity loans for LMI and minority borrowers, and in LMI and majority-minority census tracts, especially in the Boston, Baltimore, D.C., New York, Miami and Philadelphia markets. To support this goal, the bank will continue offering TD Home Access, a Special Purpose Credit Program, and other affordable residential lending products with low down payments and consumer-friendly terms.