Commitment to Housing Affordability in New York

At Capital One, we believe in fostering strong, vibrant communities. Our deep commitment to New York City is rooted in understanding and addressing the unique needs of its residents, particularly when it comes to critical issues like affordable housing and community development.

In a city as dynamic and diverse as New York, access to safe, affordable housing is fundamental to individual and community well-being and economic opportunity. Capital One is proud to partner with local organizations, civic, and community leaders to expand access to affordable housing across the five boroughs. 

As a long-standing top community development lender, Capital One has provided more than $2 billion in community development financing in the New York City market alone between 2020 and 2024. The vast majority of this financing has brought affordable, high-quality housing to thousands of New Yorkers across the five boroughs. 

McLean Place, a 72-unit supportive housing property located in the Bronx will provide affordable and stable housing, specifically including 42-units for families who have fled domestic violence – providing a safe harbor. Additionally, Capital One’s Community Impact & Investment arm has provided funding for New Destiny’s “Aftercare Interventions.” The program, which Capital One has proudly been supporting since 2023, provides mental health services for survivors of domestic violence. With financial counseling and coaching integrated as part of their wraparound services model, the program has served hundreds of survivors across New Destiny’s footprint. 

Through a Low Income Housing Tax Credit (LIHTC) equity investment and construction debt, Capital One was able to assist in providing capital, alongside significant public investment including Housing Preservation and Development (HPD) and the New York State Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program (HHAP) to make rent affordable for the households who will call this property home.

"We are incredibly proud to celebrate this groundbreaking, which represents another significant step forward in our shared mission to expand affordable housing opportunities in New York City," remarked Capital One’s Loretta Duffy, Senior Director of Community Finance. "Our work with the Housing Preservation and Development exemplifies how public and private sectors can come together to address complex challenges and create tangible benefits for communities. This property is more than just buildings; it provides stability, hope, and a foundation for New York families to thrive."

Quickly following breaking ground at McLean Place, Capital One, Settlement Housing Fund, Hudson Housing Capital and other participants came together to break ground on another impactful property: Coney Landing in Brooklyn. This 178-unit supportive housing property will provide housing to previously unhoused individuals.

To bring Coney Landing to life, Capital One provided a $60 million letter of credit as well as a $62 million LIHTC equity investment through Hudson Housing Capital. This was important financing to make the acquisition, construction, and lease-up costs of the property possible.This is another prime example of the meaningful impact public-private partnerships can have on a community.

Capital One's commitment to community development in New York extends across various initiatives, all aimed at creating thriving and sustainable communities. 

Following Capital One’s acquisition of Discover and as a component of Capital One’s $265 billion Community Benefits Plan, Capital One made an additional $1M dollar commitment to the Bronx community specifically, contributing to the neighborhood’s financial wellness and community development in the form of grants supporting new and existing partnerships in the community, including the opening of the new Capital One Cafe on Fordham Road. 

Affordable housing has long been the cornerstone of financial security and economic opportunity in America. These investments aren't just about brick and mortar; they’re about providing opportunities to those who need them most. Capital One will continue collaborating with public and private partners to deliver lasting housing solutions and build communities where people can thrive.