Improving Access to Affordable Housing for Veterans
Capital One's Community Finance team supported the construction of Veterans Village to equip veterans with affordable housing
March 2, 2021
Communities like Veterans Village in Carson, California, are contributing to the national decline in veterans experiencing homelessness.
According to the Department of Housing and Urban Development (HUD), on a single night in January 2021, there were 19,750 Veterans experiencing sheltered homelessness in the U.S., which marks a 10 percent decrease in the number of Veterans experiencing sheltered homelessness from 2020 and the largest one-year decline since 2015 to 2016.
To improve veterans’ access to affordable housing, Veterans Village in Carson, CA, offers one, two and three-bedroom apartments in its 51-unit affordable housing development and provides supportive services to residents through a partnership with U.S.VETS.
In collaboration with the National Equity Fund (NEF), a nonprofit LIHTC syndicator, Capital One’s Community Finance team provided Veterans Village with a total of $14.3 million in construction loans and a $17.6 million long-term equity investment through the purchase of low-income housing tax credits.
"Everyone deserves safe, secure, stable housing — especially the heroes that protect our rights and freedoms," says David Musial, Senior Director of Capital One’s Community Finance team. "We are honored to be able to support communities like Veteran's Village as stable affordable housing is fundamental to physical and financial well-being and access to opportunity."
Capital One's support to Veteran's Village comes as part of the Capital One Impact Initiative. Launched in October 2020, the initial $200 million, multi-year commitment seeks to create a world where everyone has an equal opportunity to prosper through advocating for an inclusive society, building thriving communities and creating financial tools that enrich lives.
"Through the support of Capital One, we were able to provide much-needed housing for U.S. veterans," says Amy Hyde of Thomas Safran & Associates, an affordable housing development and management organization whose properties include Veterans Village. "Our goal is to enrich the lives of the people who reside in our buildings, and Capital One's funding is helping us do just that.”