Investing with VCDC: Q&A with Zack Loren at Capital One
Zack Loren is a valued partner of VCDC, serving as a Capital Officer in Community Finance at Capital One for over 3 years. Zack’s and Capital One’s partnership with VCDC have helped make our housing equity funds possible over the years, bringing hundreds of affordable homes to families across Virginia.
We asked Zack to share reflections on his career in community investing and working with VCDC and our Equity Funds.
Tell us about your experience with Capital One and the communities you serve. What made you want to go into banking?
I joined Capital One through our Financial Rotation Program. This gave me the opportunity to engage across our lines of business, affording me a unique background that spans across corporate finance, accounting, working on an acquisition, card partnerships, and underwriting for our commercial real estate team. Ultimately, I found my calling in Community Finance.
I have always been driven by a passion to see tangible results from my work, which is why Community Finance has been an ideal fit. It allows us to make a positive impact on various communities across the United States, where our Capital One customers and associates live and work. I distinctly remember my first site visit, sitting down with residents and witnessing firsthand the positive change we were able to bring to their community.
In your opinion, what are the benefits of investing in low-income communities? What impact has LIHTC investing had in your community or in your bank’s service area?
We are actively engaged in revitalizing communities and addressing the critical affordable housing shortage across our country. Our efforts aim to create stable homes, stimulate local economies through job creation and investment, and provide investors with predictable tax benefits—truly a mutually beneficial outcome for both residents and investors.
I am currently focused on closing a deal in Arlington, VA, intended to establish 54 units of permanent supportive housing for homeless individuals. Being able to serve a vulnerable population fills me with immense pride and excitement.
What do you want people to know about LIHTC that they might not know?
LIHTC is recognized as one of the most effective tools for creating and preserving affordable housing by attracting crucial private investment, rather than depending solely on public funds. A key aspect of LIHTC is its requirement that developments remain affordable for decades, thereby ensuring a lasting positive impact on communities.
Capital One has invested with VCDC for a long time – in your opinion, what are the benefits of fostering and maintaining a relationship with VCDC?
VCDC, as one of the largest non-profit syndicators in Virginia, has proven to be an ideal partner over the years. Given Capital One's strong presence in both Richmond and Northern Virginia, our collaboration with VCDC has allowed us to significantly impact communities right in our own backyard. I have deeply valued fostering this relationship with VCDC and am eager to continue fostering high-impact deals across Virginia.
What are three words you would use to describe working with VCDC?
Mission-driven: As a non-profit syndicator, VCDC's core mission is centered on maximizing community impact and ensuring the long-term preservation of affordable housing.
Collaborative: VCDC excels at working closely with developers, investors, and community partners to strategically structure deals that successfully achieve both financial objectives and vital social goals.
Stewardship: VCDC meticulously manages investor capital and compliance responsibilities, ensuring that properties remain affordable and financially robust for decades to come.
Do you have any stories about working with VCDC that made you want to continue investing with us?
What has consistently impressed me about working with VCDC is the team's intentional and hands-on approach. Capital One has invested in VCDC’s multi-funds for several years now, and with each successive fund, we’ve collaborated, learned, and grown together, making subsequent investments even smoother and more effective, helping us reach common goals of improving the communities around us. I look forward to continuing to expand our relationship with VCDC and collectively making an even greater impact in Virginia.
What is your favorite part about your job? Describe your career and/or personal goals.
I highly value in-person interactions and connecting with people on a personal level. Building strong relationships is incredibly important to me; when you spend a significant amount of time with your colleagues, those connections truly make the work much more enjoyable.
Professionally, I'm eager to continue expanding my responsibilities. I'm actively involved in investing across various multi-funds and am broadening my coverage to include the Southeast region, as well as several of Community Finance’s key developers. Personally, my wife Rachel and I recently celebrated our two-year anniversary, and we are both very much looking forward to starting a family.
What are your favorite things to do on the weekend?
Based in Charleston, SC, I love spending time outdoors, going to the beach; I’ve recently discovered a new passion for boating. My wife and I joined a boat club and enjoy experiencing the city from the water.
What’s an interesting thing about you that most people might not know?
I am a certified scuba diver, having earned my certification in Australia while exploring the Great Barrier Reef. During that incredible experience, we completed 5-6 dives daily for four days, which even included exhilarating night dives.