Going to college, finding a job, starting a business – all are tremendous steps towards a prosperous future. But for those living in “asset poverty,” without credit history or even a savings account, those steps seem daunting, if not impossible. But Capital Area Asset Builders knows that, through education and planning, the impossible can be possible. Since 1997, CAAB has worked with low-income high schoolers aiming for college, single mothers planning to buy their first homes, and young adults hoping to rebuild their credit. Classes and one-on-one coaching cover the basics: money management, investing, credit score, financial rights, and the importance of saving. Through CAAB-supported savings accounts, clients can save $1000 towards their goals and CAAB will match it. CAAB also manages the citywide DC Earned Income Tax Campaign, which provides free tax preparation and ensures that low- and moderate-income residents (5,129 households this 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?
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
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 Builders is: $1 million to $3 million
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About the Catalogue for Philanthropy
Each year 120 expert reviewers evaluate applicants for distinction, merit, and impact. Each featured charity has been successfully site visited and its financials given the thumbs up. The Catalogue for Philanthropy charges no fees and raises funds separately to support its work. Since 2003, it has raised over $34 million for charities across the Greater Washington region.
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