Direct resources that elevate and improve the lives of future generations
SAN FRANCISCO, May 13, 2022–(BUSINESS WIRE)–Yesterday, the Visa Foundation announced a $12 million grant to Tipping Point Community, a nonprofit organization committed to ending poverty in the San Francisco Bay Area. Visa Foundation will partner with Tipping Point and its community network to direct these funds to impactful local service providers in Bay Area neighborhoods with the goal of creating lasting change in the lives of young people. Visa Foundation is proud to align with the vital work of Tipping Point Community and take the next step in a partnership that has been forged over several years.
The Visa Foundation grant will support a combined $16 million, three-year initiative to address youth homelessness in six San Francisco Bay Area counties.
It is currently estimated that more than 3,500 young people are homeless in the San Francisco Bay Area each night, one of the highest rates of youth homelessness in the country.1. In addition, LGBTQIA youth and black and brown youth involved in the systems experience much higher rates of homelessness than their peers, one in five former adoptive youth are homeless within four years of leaving the foster care system .2. The new program, which includes $4 million in funding from Tipping Point, will be designed to bridge the gap between resources and programs supporting youth at risk of or currently experiencing homelessness, while strengthening service providers and systems designed to meet their unique needs.
“Homelessness in the Bay Area is the defining issue of our time for our community. It’s happening on our watch, and we all need to do our part to address it,” said Oliver Jenkyn, Group President and President. of North America, Visa and member of the board of directors of Tipping Point. “As broad and complicated as the issue is, we are committed to working to reduce the tragic number of homeless families and youth. Visa and Visa Foundation are ready to roll up our sleeves with Tipping Point to make an impact.”
“It’s no secret that the Bay Area is witnessing a homelessness crisis that includes heartbreaking numbers of families and young people,” said Sam Cobbs, CEO of Tipping Point. “Thousands of young people in our community are concerned about where they will sleep, rather than laying the foundations for their future. Thanks to the generous support of the Visa Foundation, we have an extraordinary opportunity to make an impact on young people across our region who are struggling to provide for their most basic needs.”
The announcement of the new program builds on the Visa Foundation’s $7.5 million commitment supporting Bay Area organizations addressing chronic and youth homelessness since 2019, including a initial grant of $3 million from the Visa Foundation to Tipping Point.
“Visa Foundation and Tipping Point recognize that no single institution acting alone can prevent or solve the problem of youth homelessness in the Bay Area,” said Graham Macmillan, president of Visa Foundation. “It is through an aligned and coordinated effort across service providers and systems that we can effectively direct resources to address youth homelessness where they have the most impact.”
To learn more about Visa Foundation, visit: visafoundation.org.
About Visa Inc.
Visa (NYSE: V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities in more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payment network, enabling people, businesses and economies to thrive. We believe economies that include everyone everywhere, uplift everyone everywhere, and see access as fundamental to the future of money movement. Learn more at Visa.com.
About the Visa Foundation
Visa Foundation seeks to support inclusive economies where individuals, businesses and communities can thrive. Through grantmaking and investment, the Foundation prioritizes the resilience and growth of micro and small businesses that benefit women. The Foundation also supports broader community needs and disaster response in times of crisis. Visa Foundation is registered in the United States as a 501(c)3 entity. For more information, visit: visafoundation.org
1 2019 Bay Area Point in Time Counts (San Francisco, Alameda, Contra Costa, Santa Clara, San Mateo, Marin Countys)
2 Fernandes, AL. (2007). Runaway and Homeless Youth: Demographics, Programs and Emerging Issues
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