Washington DC – In July of 2019, Jubilee Housing closed on the first two Oramenta Newsome Predevelopment Loans for predevelopment costs on two newly acquired properties, 1460 Euclid Street NW, and 1724 Kalorama Rd. NW. The two loans, which amount to $200,000, will be used to pay the design and architectural fees for these two buildings.
1460 Euclid Street, NW was acquired under DC’s Tenant Opportunity to Purchase ACT (TOPA) because the tenants assigned their rights to purchase to Jubilee Housing. This new addition to Jubilee’s portfolio will preserve 25 units of deeply affordable housing for hardworking families in Columbia Heights, including five 3-bedroom and two 4-bedroom units.
1724 Kalorama, Rd. NW, is a vacant commercial building comprised of 22,000 square feet and will be renovated into a five story mixed-use building offering affordable multi-family housing and valuable community services.Once renovated, two-thirds of the approximately 25 units will be developed into two and three bedroom units addressing a citywide need for family-size apartments. In addition, the approximately 6,000 square foot ground floor will allow Sitar Arts Center to expand their summer youth arts program and digital media program for young adults.
Jubilee Housing is honored to be the first recipient of the Oramenta Newsome predevelopment loan. Newsome, affordable housing leader and advocate, was a strong advocate and champion of Jubilee Housing. She spent the majority of her career advancing equitable community development in Washington DC. and was pivotal in helping Jubilee Housing acquire and renovate the Maycroft apartment building. Oramenta died in February of 2018. At a Memorial Service during the summer of 2018, Mayor Bowser honored Ms. Newsome’s legacy by creating a pre-development loan fund in support of affordable housing. Ms. Newsome’s legacy lives on through her many accomplishments in the housing and nonprofit sectors.
“The preservation and development of affordable housing in Ward 1 is more important now than ever. The reality is that families are being forced to move from their homes because they are being priced out,” said Jim Knight. “Thanks in great part to Oramenta’s leadership, our city is leading the way in the preservation and creation of affordable housing.”
The Oramenta Newsome Predevelopment Loan assists non-profit developers secure early capital for affordable housing projects. The loan helps to cover architectural plans and third party reports, required by the DC Department of Housing and Community Development (DHCD) as part of its consolidated request for proposals application. The two loans carry a 2 year term with 3% interest rate which is deferred until the closing of construction/permanent financing.