Reclaiming Chicago and Capital One Announce $1M Investment

On blocks where empty lots have outnumbered homes for decades in Chicago, something remarkable is happening: a community-led organization, United Power for Action and Justice, is replacing the vacant land with affordable homes and selling them to first-time buyers.

The effort, called Reclaiming Chicago, is transforming Chicago’s South and West Side neighborhoods. Capital One in October announced a $1 million investment to help support the work and grow Reclaiming Chicago’s impact. The coalition has built 90 single-family homes — with a goal of constructing 2,000 — and gives first-time buyers enhanced savings assistance and financial education to succeed

“Capital One’s investment is helping rebuild communities that have been overlooked and disinvested for far too long,” said Raúl Raymundo, Chief Executive Officer of The Resurrection Project, one of the lead organizations of the Reclaiming Chicago initiative. “We’re not just building houses — we’re creating pathways to generational wealth and giving families power over their futures in Chicago.”

Capital One’s Commitment to Chicago
The investment to Reclaiming Chicago builds on years of sustained investment by Capital One in Chicago, and in Illinois more broadly. From 2021 to 2024, Capital One supported the development of more than 2,000 affordable housing units across Illinois, including nearly 1,500 in Chicago alone. Capital One also provided $313 million in capital and services for community development statewide.

Reclaiming Chicago is helping low-to-moderate-income homebuyers in four Chicago neighborhoods that lack affordable housing: Roseland, North Lawndale, Back of the Yards, and Chicago Lawn. The funding from Capital One will go toward building energy-efficient homes, ensuring residents have sustainable housing for years to come

“Chicago is central to Capital One’s business, and this investment reflects our commitment to the city’s future,” said Desiree Francis, Managing Vice President, Head of Community Finance at Capital One. “Reclaiming Chicago demonstrates what's possible when you back community-led solutions with the resources they need — families gain homeownership, neighborhoods gain stability and the entire city benefits."

Whittney Smith, deputy director and counsel for Lawndale Christian Development Corporation, told Payments Dive that the investment will be essential to help the coalition finish building the 2,000 homes and “get to the level where [Reclaiming Chicago is] truly impacting North Lawndale, Roseland, Back of the Yards, Chicago Lawn and making sure those residents have access to the beautiful, affordable, sustainable housing.”

As part of its $265 billion Community Benefits Plan, Capital One is making significant investments across the country to enable economic opportunity and support the building blocks of financial well-being.

Most recently, in October 2025, Capital One, the Capital One Foundation, and Chicago-based nonprofit Lever for Change announced the launch of Scaling Pathways to Homeownership, a $25 million Open Call designed to identify and support bold solutions that expand access to homeownership in the United States. The grant to Reclaiming Chicago is part of Capital One’s $20 million pledge in philanthropic support to Chicago-based organizations.

 

 

About Reclaiming Chicago
Reclaiming Chicago is an initiative of United Power for Action and Justice to build affordable for-sale homes, creating communities of opportunity for working people and rebuilding the City’s core neighborhoods on the South and West Sides by transforming vacant lots and buildings into affordable energy-efficient homes — to replace vacancy, violence, and decades of disinvestment with affordable homes, safe streets, and opportunities for families, especially families of color, to build wealth and equity.

About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $468.8 billion in deposits and $661.9 billion in total assets as of September 30, 2025. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.