The M&T Charitable Foundation, through its 30 & 30 Giving Initiative, is awarding $900,000 in grants to commemorate its 30th anniversary — including a $30,000 grant to the affordable housing project of Habitat for Humanity of Passaic County in Paterson.
Habitat for Humanity of Passaic County was one of 30 organizations throughout the company’s footprint to receive support for their efforts to build and develop affordable housing and to fight homelessness in underserved, low- to moderate-income communities.
Passaic County Habitat for Humanity is the only developer in Paterson to focus on homeownership for low- to moderate-income households. The affordable housing projects program constructs new, affordable homes for first-time homeowners in the county, enabling housing stability and community development.
Founded in 1993, the M&T Charitable Foundation is the philanthropic arm of M&T Bank. It works in partnership with nonprofit organizations that focus on improving the quality of life for the bank’s customers, employees and neighbors. Awarding nearly $40 million in grants each year, the foundation has given more than $534 million to thousands of nonprofit organizations throughout its 30-year existence.
“Since its beginning, the foundation’s reach and impact have been expansive, profound and lasting,” Executive Director Dominique Goss said. “The 30 & 30 Giving Initiative is a sign of what’s to come for the next 30 years and reflects our commitment to tackling critical issues like affordable housing and supporting efforts to provide families the ability to live and thrive in the communities we serve.”
Supporting the development of affordable housing is an important part of the bank’s $43 billion Community Growth Plan, which includes $20 billion for community development initiatives and affordable housing.
In 2022, M&T Bank and its affiliates provided $2.3 billion in financing to 97 transactions that contain affordable housing, according to the bank. This includes $1.5 billion in CRA-eligible financing for 3,652 affordable units within M&T’s statewide footprint.
In 2022, the bank committed $137.2 million in investments, through Low-Income Housing Tax Credit equity, which added an estimated 919 new or renovated affordable housing units in the communities M&T Bank serves.
To execute the initiative, nominated organizations were asked to register their program with Impact Genome Registry to ensure it met the foundation’s criteria. Using the standardized information, M&T employees in each region voted for their charity of choice, assisting in the selection of the 30 grant-recipient organizations.
The finalist organizations were then required to verify their impact with the IGR. This process enabled the foundation to understand the actual social impact that each organization and grant had on the communities they serve. Each $30,000 grant is unrestricted so that resources can be allocated where they are needed most, enabling the organizations to address evolving community needs and challenges.
Click here for a full list of grant recipients and their locations.
