Abode Communities Awarded Capital One’s $100,000 Blueprint to Buildings Grant
Awarded every other year to a single community development organization in Los Angeles, Capital One’s Blueprint to Buildings (B2B) Grant brings a vital $100,000 investment combined with a competitive line of credit to advance critical path predevelopment activities for the production of affordable housing. This year, Abode Communities was bestowed the honor to foster predevelopment of Grandview Apartments.
Grandview Apartments will bring 100 service-enhanced affordable and supportive homes to families, families experiencing homelessness, and chronically homeless individuals in a highly desirable, transit-rich location in MacArthur Park. Construction is estimated to begin in late 2020.
“Capital One’s B2B model to provide both grant funding and access to capital is an innovative approach to deepening our collective impact,” said Robin Hughes, President & CEO of Abode Communities. “We feel honored the Bank saw Abode Communities fit to receive this award for the benefit of the residents who will call Grandview home.”
B2B aims to support neighborhood-focused nonprofits to build and preserve affordable housing low- and moderate-income residents; develop and preserve affordable housing that is responsive to community needs; and invest in the infrastructure and capacity of nonprofit developers.
“We are committed to investing in high-impact, neighborhood-led projects that respond to the housing needs of the city’s most vulnerable residents,” says Mariadele Priest, VP of Community Development Banking at Capital One. “We believe that affordable housing is more than just the provision of shelter — it’s a community resource that strengthens the surrounding area and can offer essential services for residents.”
Abode Communities’ and Capital One’s relationship dates back to 2013, with the Bank investing in philanthropic support for the operation of Abode Communities’ resident services program, Beyond Homes.