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Capital One Announces $2 Million in Funding for Affordable Housing; Federal Home Loan Bank of Dallas Grants will Benefit Low-Income Families

MCLEAN, Va.--(BUSINESS WIRE)--May 22, 2006--Eight grants totaling more than $2 million have been awarded to Capital One through the Federal Home Loan Bank of Dallas (FHLBank Dallas) to support affordable housing initiatives in Louisiana and Texas. The grants will be used to provide assistance to more than 250 low- to moderate-income first-time homebuyers throughout Texas and Louisiana.

    The grants include:

    --  $700,000 to assist 140 very low- to moderate-income first-time
        homebuyers to purchase homes in Texas and Louisiana. Eligible
        homebuyers can receive up to $5,000 for down-payment and
        closing-cost assistance.

    --  $350,000 to assist 70 very low- to moderate-income first-time
        homebuyers to purchase homes in rural markets in Texas and
        Louisiana.

    --  $350,000 to assist 70 very low- to moderate-income senior
        citizens in Louisiana and Texas to make home maintenance
        repairs and upgrades, including those designed to meet the
        needs of disabled senior citizens. Clients can receive up to
        $5,000 for rehabilitation and/or closing costs.

    --  Approximately $625,000 for other affordable-housing projects
        in Louisiana and Texas.

"The $2 million will enable us to help address affordable-housing needs in the markets we serve," said Laurie Vignaud, vice president and Affordable Housing manager for Capital One.. "It's gratifying for us to be able to offer assistance to those in our communities who need financial support the most. These grants will help people get back on their feet or get a good head start on their way to purchasing their first home."

The FHLBank Dallas Affordable Housing Program grants were announced today at a news conference in Houston's Sunnyside neighborhood. The city of Houston has designated Sunnyside as a Houston Hope community targeted for revitalization through development of affordable housing.

"The devastation caused by hurricanes Katrina and Rita displaced tens of thousands of people, many of whom have chosen to permanently relocate to Texas. As a community, we should be proud of efforts like these to help provide them with a safe and stable home," said U.S. Rep. Al Green, who sits on the Housing Subcommittee for the Financial Services Committee and has been a strong supporter of affordable housing initiatives in Sunnyside, which is his district. "Investing in the well-being of our neighbors benefits us all, and these grants will help us to work together to build a stronger community. These grants will go a long way in helping to improve the lives of some of our neediest citizens."

For more information about the FHLBank Dallas grants awarded through Capital One, contact Laurie Vignaud at 713-435-5316 or at laurie.vignaud@capitalonebank.com.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company, with more than 316 locations in Texas and Louisiana. Its principal subsidiaries, Capital One Bank, Capital One, F.S.B., Capital One Auto Finance, Inc., and Capital One Bank, N.A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One's subsidiaries collectively had $47.8 billion in deposits and $103.9 billion in managed loans outstanding as of March 31, 2006. Capital One, a Fortune 500 company, trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.


    CONTACT: Capital One
             Steven Thorpe, Manager, Media Relations
             504-533-2753

    SOURCE: Capital One