Capital One and True Ground Announce Innovative New Partnership Pairing Childcare Subsidies, Savings Accounts with Affordable Housing
Innovative resident services will help increase affordability and strengthen financial footing for residents
Arlington, VA — Today, Capital One announced a $2.5 million strategic investment to support True Ground Housing Partners’ work to create and preserve affordable housing across Northern Virginia and the greater Washington region, while strengthening resident services that support families in building stability through access to childcare, education, and emergency savings. Together, affordable housing development paired with wraparound services will help residents manage rising costs, build stability, and pursue long-term economic mobility.
“Building affordable housing is only part of the solution,” said Desiree Francis, MVP, Head of Community Finance at Capital One. “Individuals and families do more than just stay housed when they have the right resources, they thrive. By pairing stable housing with access to quality childcare, education and financial coaching, we help individuals and families build self-sufficiency to pursue their long-term goals. This investment recognizes that housing stability and economic opportunity are deeply connected — and will help more families build stronger futures.”
The $2.5 million investment kicks off Capital One’s Community Benefits Plan commitment to deploy $25 million in philanthropic capital to support resident services and pre-development nationwide. This investment is part of the company’s broader five-year, $265 billion plan, designed to help low- and moderate-income consumers, small businesses, and communities increase their economic opportunity.
“Stable, affordable housing gives families a firm foundation for the future, especially when paired with services that help residents manage day-to-day expenses and pursue their goals,” said Carmen Romero, President & CEO of True Ground Housing Partners. “Capital One’s investment helps us move more affordable homes forward and connect residents with support once they are home. Our focus on educational, childcare, and savings programs will create additional opportunities for children and families to thrive.”
Capital One’s $2.5 million investment in True Ground includes $1.5 million in philanthropic support for True Ground’s resident services and a $1 million revolving pre-development fund. These funds will expand critical resident services across True Ground’s portfolio and help accelerate affordable housing development and preservation across the Washington region. The investment will also support True Ground’s goal to increase its portfolio from 3,200 to 7,500 affordable homes and serve 10,000 residents region-wide by its 40th anniversary in 2029.
$1.5 Million to Strengthen Resident Services
Capital One’s grant for resident services will help True Ground strengthen and sustain on-site programs that support residents’ individual goals and wellbeing, including individualized service planning, financial health workshops, regular check-ins with the Resident Support Team, health and wellness events, and food access initiatives.
The resident services grant will also invest in programs for children and families, including True Ground’s Ready to Learn initiative, which helps students start the school year prepared. Funds will also help parents offset their childcare costs, and create Child Savings Accounts to help parents build savings for their children’s future.
True Ground currently serves nearly 3,200 households across its portfolio and has maintained a 1% eviction rate through proactive resident engagement and housing stability efforts. Its CORES-certified resident services team includes more than 20 professionals.
True Ground’s success mirrors data from a recent study by Stewards of Affordable Housing for the Future (SAHF), supported by the Capital One Insights Center, which found that service-enriched affordable housing communities experience significantly greater housing stability, averaging just 1.2 eviction-related move-outs per 100 households, far below the national eviction filing rate of 7.3 per 100 households.
$1 Million to Accelerate Affordable Housing Development
Capital One’s philanthropic investment will enable True Ground to expand its pre-development revolving loan fund to support critical early-stage activities, including land acquisition, zoning and land use planning, and early design work. This will help True Ground to identify and more quickly advance future affordable housing developments in high-opportunity neighborhoods. As building costs continue to rise across the region, the funding will also help True Ground acquire existing multifamily housing to preserve affordability for residents.
Capital One and True Ground have partnered for more than 15 years to expand access to service-enriched affordable homes to Northern Virginia. They have collaborated on four affordable housing communities in Arlington, creating more than 670 homes, including communities that support veterans, working families, older adults, and residents at different stages of life. A fifth community, The Sweeney, is under construction and expected to deliver 432 additional homes by early 2028.
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About True Ground Housing
True Ground is a nonprofit affordable housing developer, enabling diverse families to imagine hopeful futures, even in one of the nation’s highest cost markets, the D.C. metro region. At True Ground, we believe that hope, like a home, needs nurturing and care. We are committed community builders, breaking down barriers and providing the support needed to turn aspirations into secure, comfortable apartment homes. We are not just building homes; we are changing the landscape for affordable housing, ensuring that everyone has the opportunity to live in a safe and welcoming community. True Ground was named one of the nation’s Top 50 Affordable Housing Developers of 2023 by Affordable Housing Finance, one of only a dozen nonprofits to make the list. Visit www.truegroundhousing.org to learn more.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $489.1 billion in deposits and $682.9 billion in total assets as of March 31, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom. For more information, visit www.capitalone.com,www.capitalone.com/about/newsroom/, and www.investor.capitalone.com.
