Using A Holistic Approach To Building Strong Communities
Capital One Financial Corporation
EBALDC helps low-income individuals file tax returns and encourages them to focus on their financial well-being. Capital One funds the predevelopment of Oakland's Lake Merritt Bay Area Rapid Transit District (BART) Senior Housing Project, which aims to alleviate the high rates of displacement in the Bay Area.
Communities of color face greater obstacles to financial inclusion in part because they may have limited access to financial services and information. Trusted community institutions like the East Bay Asian Local Development Corporation (EBALDC) help to bridge the information gap through a holistic financial wellness approach. In our Newsroom, we are shining a spotlight on two existing Capital One nonprofit partners providing foundational capabilities for diverse populations to transform financial outcomes. EBALDC began its Volunteer Income Tax Assistance (VITA) program in 2003 to provide free tax preparation. VITA volunteers prepared over 760 returns and secured $1.2 million in refunds for the community.
Since the program's inception, it has additionally helped area residents regain $26 million in tax refunds. The program has been so successful that clients are encouraged to save a portion of their refund. Volunteers at EBALDC in Oakland help low-income individuals file taxes and encourage them to focus on their financial well-being. VITA tax filers are also introduced to a free financial coaching program, SparkPoint Oakland. Maggio tells the story of Lorena, a single mom who started out with more than $25,000 in debt and had been living in a shelter with her young son but wanted to turn her life around.
EBALDC received a 2021 Blueprints to Buildings program award, which includes grant support and a line of credit. Capital One's Blueprint to Buildings was launched in 2015 to support nonprofit developers build affordable rental housing. The funds are slated to cover the predevelopment costs of Oakland's Lake Merritt Bay Area Rapid Transit District (BART) Senior Housing Project. Based in Downtown Oakland, the development aims to alleviate the high rates of displacement among low-income households in the Bay Area. Once built, EBALDC will be the affordable anchor for a larger multiphase, multiblock transit-oriented development (TOD) in partnership with Strada Investment Group and the BART.
The development will feature a publicly accessible "Paseo" – a public area that will offer spaces for gathering, play, rest, and food. Capital One is listening to, partnering with, and investing in people, small businesses and communities to foster an enabling environment that helps them fulfill their full potential.
Source: CapitalOne newsroom