U.S. Mayors Look to Local Housing Affordability Solutions

The Capital One Insights Center is proud to partner with the The United States Conference of Mayors and the Bipartisan Policy Center to continue to bring forward timely insights and perspectives from local leaders who are actively addressing the nation’s housing supply shortages through creative and community-centric solutions.

Housing is foundational to driving individual and nationwide economic success. Access to stable, quality and affordable housing–along with wraparound services–can transform families’ financial well-being and position them for greater opportunities to save for the future and generate wealth. Yet affordable housing remains out of reach for many, whether they are seeking to own or rent their homes.

Capital One is committed to being part of the solution–including and beyond our research platforms, policy leadership, and engagement in public-private partnerships to deploy capital for housing development and wraparound services. This work has helped solidify Capital One’s position as a leading community development lender in the country by total dollar amount over the past six reported years–and the vast majority of this financing brings quality affordable housing to communities in all corners of the country. 

Building on this legacy of impact, Capital One has made sizable commitments in our historic five-year, $265 billion Community Benefits Plan (CBP) in connection to our acquisition of Discover. We have committed to meaningfully increase the reach and depth of our community partnerships across the Affordable Housing ecosystem to enable impactful solutions that can continue to drive community change. The CBP commits $44 billion for community development financing, which includes $35 billion in support of affordable housing for low- to moderate-income communities and individuals; a $600 million commitment in lending to CDFIs; and a $575 million commitment in philanthropic giving and capacity-building efforts, which will support predevelopment funds for affordable housing developers, funds for wraparound services at affordable housing properties, and grants to CDFIs focused on affordable housing, small business and consumer lending. 

Like this report, the CBP is the product of deep and active listening to community leaders across this country, in rural, suburban, and urban communities. It was created in collaboration with community leaders and organizations to ensure it effectively addresses the needs of all our neighbors in the communities we are proud to serve and call home.

At Capital One, we know that, often, the best solutions stem from public and private sector engagement and partnership. Creating more pathways for housing supply requires intentional investment and significant collaboration across the public and private sector, which is why we are leaning into this moment to learn from the perspectives of mayors and their teams. It is why we are partnering with the U.S. Conference of Mayors and the Bipartisan Policy Center to spread and amplify actionable insights. Together, we aim to inform the solutions that can be taken up by and shared across communities. It is through these types of partnerships that we can play our role in creating real, positive change, and create the enabling conditions for individuals and families to thrive.