Robin Hood Foundation Gala Seeks $40M For NYC Vets

The Robin Hood Foundation wants to raise $40 million from New York's business elite to help homeless veterans during its annual gala tonight, Executive Director David Saltzman told CNBC Monday.

He said the number of veterans who are homeless and eating at soup kitchens has increased. "We hope to be able to raise some money to create an initiative in New York City to hook up those veterans in need with the central services and with jobs in the private sector," he said.

This year's gala will feature entertainer Lady Gaga, who is also working with the foundation on an online contest to determine which of five foundation-sponsored groups should be receiving money.

Last year the foundation, whose board includes CEOs Jeffrey Immelt of General Electric and Barry Sternlicht of Starwood Capital, raised nearly $90 million thanks to a matching grant from George Soros.