(Washington, DC) – The Bowser Administration, through the Department of Housing and Community Development (DHCD), has closed several loans from the Oramenta Newsome Predevelopment Loan Program, which offers nonprofit developers and housing cooperatives access to capital for predevelopment costs, for three affordable housing projects in Wards 5, 7, and 8.
“Although nonprofit affordable housing developers are mission driven, the costs associated to achieve their goals can be an obstacle,” said DHCD Director Polly Donaldson. “This is a valuable tool to help them continue their progress and build affordable housing.”
The loan program, named in honor of Oramenta Newsome, a key District housing advocate who passed in February 2018, was established by Mayor Bowser with $1 million in funding from the Housing Production Trust Fund and up to $1 million from DC Housing Finance Agency. The low-cost financing from the program will cover a portion of the expense for architectural fees and other predevelopment costs associated with undertaking an affordable housing development project.
Mi Casa received $100,000 in predevelopment financing for Barnett-Aden Apartments, a proposed 24-unit building at 14 Florida Avenue, NW in Ward 5.
The Institute of Urban Living Inc. received $100,000 for predevelopment costs associated with the development of Hyacinth’s Way Apartments, a 50-unit building along the 3100 block of Bruce Place, SE in Ward 8.
Mary's House for Older Adults received $100,000 in predevelopment funding for the proposed development of Mary’s House, a 15-unit building at 401 Anacostia Road, SE in Ward 7. The project also received additional matching funds from DCHFA for other predevelopment costs.
Earlier this year, Manna Inc. received a total of $200,000 in financing for two projects; one located in Ward 7, the other in Ward 8. Also, Wesley Housing received $100,000 for a project in Ward 5.
In August 2019, Jubilee Housing received the initial financing from the program for two affordable housing projects located in Ward 1.