History

The beginning

CAAB has its roots in meetings convened by the Moriah Fund in 1996. Moriah and other local foundations encouraged organizations interested in implementing IDAs to collaborate in order to provide an efficient, centralized delivery model and avoid competition for match funds. Thus, CAAB was formed by five non-profits as a separately incorporated 501(c)3 to administer IDA programs in DC and support its member organizations by raising match funds, providing technical assistance, and advocating for federal and District policies to encourage savings and asset development in low-income households.

In 1997, CAAB was one of 13 organizations across the country selected to participate in the American Dream Demonstration, the first large-scale study of IDAs as an anti-poverty strategy. The American Dream Demonstration spurred the growth of IDA programs nationally and advanced CAAB as one of the leading IDA providers in the country.

Associated organizations

CAAB’s members are community-based organizations, many of whom have a longstanding record of serving clients in disadvantaged neighborhoods of the District of Columbia. CAAB started with five members and has grown to ten. CAAB members provide direct services that include money management workshops, one-on-one budget and credit counseling, homebuyer education, small business training, job training, and career counseling.

In addition to working with its member organizations, CAAB partners with a wide range of non-profit organizations and for profit financial institutions to bring financial education and savings opportunities to underserved residents.

Support

CAAB has received generous funding from both private and public sources: The Morris and Gwendolyn Cafritz Foundation, The Annie E. Casey Foundation, Citibank / Citigroup Foundation, the Corporation for Enterprise Development, the Naomi and Nehemiah Cohen Foundation, the Government of the District of Columbia, The Community Foundation for the National Capital Region, United States Department of Health and Human Services, The Enterprise Foundation, The Federal Home Loan Bank of San Francisco through Citibank, Fannie Mae Foundation, The Harman Family Foundation, The Himmelfarb Foundation, The McAuley Institute, Eugene and Agnes E. Meyer Foundation, The Moriah Fund, The Nehemiah Corporation, The Rotary Club, and The Wendling Foundation.