CAAB works with people living in "asset poverty" – no credit histories, no savings accounts. They are single mothers planning to buy their first homes, aspiring entrepreneurs working to launch a business, individuals hoping to rebuild their credit. Classes and coaching cover the basics: managing money, saving, investing, understanding credit scores and financial rights. Matched savings accounts help clients save toward their goals with matches ranging from 2:1 to 5:1 depending on the program. Direct cash transfers to individuals and families with low incomes ($827,918 in 2021) mean they can make decisions in their own best interests on the road to prosperity. CAAB also provides free tax preparation so that people from 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.
Headquarters: DC-Ward 2
Where They Operate: DC-Citywide; MD-Montgomery County; MD-Prince George's County; VA-Arlington County; VA-Fairfax County; VA-City of Alexandria
Age Groups Served: Young adult (18-24); Adult (25-49); Seniors (50+)
Ethnic Groups Served: African American; Asian American; Caucasian; Latino/Hispanic; Other
Population(s) Served: Low- to Moderate-Income Community Members
Schools They Work In: Maya Angelou Public Charter School, DC Public Library System
Awards & Recognition
CAAB was selected as the local partner for the MoneyWise Financial Empowerment Tour, both for 2011 and 2012.
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- The current budget for Capital Area Asset Building Corporation is: $1 million to $3 million
- $500k to $1 million
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