New Fund Offers Loan Assistance for Nonprofit Developers in Washington, D.C.

Washington, D.C. Mayor Muriel Bowser has announced a new $2 million fund that will help nonprofit developers secure capital for predevelopment soft costs. The Oramenta Newsome Predevelopment Loan Assistance Fund for Nonprofit Developers, which will enable nonprofit developers to receive loans up to $100,000 per project starting June 1, 2018, will require that each applicant have a 1:1 match for loan funds. These funds will be available on a rolling basis, and applicants will be able to submit funding requests at any time. The Fund is named after the late Oramenta Newsome, who served as executive director of LISC DC for nearly a quarter-century and was one of the country’s first African-American women to guide large-scale community development work. Mayor Bowser said Oramenta’s “true legacy will be to the people she made it her mission to serve: the vulnerable—homeless, elderly, poor—and long-time residents of DC who made it their home.”

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