The $2 million fund was launched by Mayor Muriel Bowser in 2018 to help nonprofit developers secure capital for pre-development soft costs – a common obstacle when financing affordable housing projects. Through the fund, which is named after the late Oramenta Newsome, developers can receive loans of up to $100,000 per project. Ten projects have received pre-development financing from the initial funding round which will produce more affordable housing units for District residents.

The fund was established with $1 million from the Housing Production Trust Fund (HPTF)and $1 million from the DC Housing Finance Agency’s (DCHFA) McKinney Act Fund. By providing early capital, the Oramenta Newsome Pre-development Loan Assistance Fund for Non-Profit Developers (Newsome Fund) can help qualified nonprofit organizations and limited equity cooperatives (LECs) meet the application requirements of DHCD’s consolidated request for proposals (RFP) for affordable housing projects.

A new funding round has opened with enhancements to better serve qualified nonprofit organizations and LECs. Application submissions and questions regarding the program should be directed to: [email protected].