102 Affordable Homes Preserved

359

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.