For those living in “asset poverty,” without a credit history or even a savings account, taking steps toward a prosperous future can seem daunting. CAAB makes it possible, working with single mothers planning to buy their first homes, aspiring entrepreneurs working to launch a business, and individuals hoping to rebuild their credit. Classes and coaching cover the basics: managing money, saving, investing, understanding credit scores and financial rights. Supported savings accounts, capped between $250 and $1,500, help clients save money toward their goals, with CAAB matching their dollars at least three to one. And through the DC Earned Income Tax Credit Campaign, CAAB provides free tax preparation so that low- and moderate-income households (4,500 last year) can access the benefits to which they are entitled. In a vital community everyone has incentives and opportunities to save for the future. Won't you invest too?
CAAB is supporting low-income families of color and helping to reduce the economic impact of COVID-19 through the DC Family Financial Recovery Fund. Participants in the program who did not already have bank accounts at mainstream financial institutions are encouraged to establish them and receive a one-time, unconditional transfer of $500 each. Seventy-five participants have been selected to receive the cash transfer based on developed criteria for selection. The work goes on.