Providing Affordable Rental Homes for Young Adults

At this affordable housing community, support is embedded in its DNA

“[Living here] feels like I won the lottery,” says Levi, a resident of The Nook, a permanent supportive housing community in Southern California.

And in many ways, he did. Thousands of people are on waitlists for communities like The Nook, which opened in 2022 to serve youth who have transitioned out of the foster care system and who were at risk of or who had previously experienced homelessness. 

“The demand for housing is outpacing the supply, which is why we need to expand affordable housing programs and increase resources for Southern California residents,” says Representative Linda Sánchez (CA-38), who toured the property and spoke with residents in October. “Everyone deserves a place to call home, and I’m grateful for the support Capital One is providing these young Californians.”

Support is fundamental to this community. Residents receive wraparound services and case management from onsite staff, from finding employment or education opportunities to navigating the healthcare system. 

Levi shared that having case managers available whenever residents need help is vital. When he recently had a flat tire, he was able to turn to onsite staff to help him through the experience. 

Two years after the property welcomed its first residents, services provider Jovenes says more than 60% of residents are either employed, pursuing education opportunities, or both.

One resident, Jonathan, is now an advocate for people experiencing homelessness. “One challenge is fighting the biases associated with race and sexuality when it comes to housing,” he says. “It’s important to me to advocate for people who might otherwise be ostracized because of their identities.” 

Developed and managed by Linc Housing, with Jovenes as the onsite services provider, The Nook includes a computer lab, community kitchen and community room, along with outdoor social space and a laundry room. Residents pointed to both the quiet and stability of their homes as key factors influencing their happiness. 

In 2020, Capital One provided a low-income housing tax credit (LIHTC) equity investment and debt to finance development of The Nook. The LIHTC program is the primary tool used to create and preserve affordable rental housing, and according to Linc Housing, two-thirds of The Nook’s development was financed through tax credits.

Congress will have the opportunity to expand the federal LIHTC program as part of the 2025 tax legislation. As a member of the Affordable Housing Tax Credit Coalition, Capital One has been a leading voice and supporter with Congressional lawmakers on the LIHTC program via the bipartisan Affordable Housing Credit Improvement Act (AHCIA), which now has over 50% of Congress signed on. According to the Affordable Housing Tax Credit Coalition, the AHCIA would help finance the creation or preservation of more than 2 million additional affordable homes over the next 10 years.

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