The DC Department of Housing and Community Development (DHCD) has closed on several loans from the Oramenta Newsome Predevelopment Loan for two affordable housing projects in Wards 5, 7 and 8.
The program offers nonprofit developers and housing cooperatives access to capital for predevelopment costs. In March, Manna Inc. received $100,000 in financing for Park Place Apartments, two buildings comprised of 21 units at 2530 Park Pl. SE in Ward 7; and $100,000 for Courts at South Capitol Street Apartments, a five-building, 48-unit complex at 3800 South Capitol St. SE in Ward 8.
The loan program, named in honor of Oramenta Newsome, a key District housing advocate, was established by Mayor Bowser with $1 million in funding from the Housing Production Trust Fund (HPTF) and $1 million from DC Housing Finance Agency (DCHFA).
Financing from the program will cover a portion of the expense for architectural fees and other predevelopment costs.
Learn more about DCHCD at dhcd.dc.gov.