Capital Area Asset Builders

CAAB’s mission is to put people on the road to financial independence. We sponsor programs that help low- and moderate-income individuals and families improve their money management skills, increase their savings, and build wealth by investing wisely. Additionally, we advocate for policies that enable all District of Columbia residents to build and protect financial assets.

CAAB was formed in 1996 by a small group of local nonprofits that wanted to see a matched savings program developed for residents of Washington, DC. Those non-profits were our first referral partners – organizations who recruit program participants and provide homeownership, small business, and education training while CAAB provides the financial education training and administers the matched savings accounts. Since then our circle of referral partners has grown, and we now also accept savers who apply directly through CAAB - maybe after participating in our free Money Management 101 classes or taking advantage of free tax preparation services offered through the DC Earned Income Tax Credit Campaign that CAAB coordinates. Our matched savings program accepts District residents with a source of earned income living in households under 85% Area Median Income - $36,200 for a household of one. Today, we have 466 savers in the matched savings program - 40% of whom live in Wards 7 and 8, the most economically depressed area of DC – and our goal is to grow the program to support ALL eligible District residents.

As of September 2009, 625 savers have reached their goals and made an asset investment: 269 have purchased their first home, 284 have furthered their education, and 72 have started or expanded a small business. Together these individuals and families invested more than $2.3 million in their dreams. In the past year alone, 169 savers have made qualified asset purchases.