WASHINGTON, D.C. – The National Community Reinvestment Coalition (NCRC) has committed $1 million to Washington, D.C., Mayor Muriel Bowser’s new fund to support non-profit affordable housing developers.
The funding, pledged in a Memorandum of Understanding signed May 14, 2018, by NCRC and the District of Columbia Housing Finance Agency (DCHFA), will be lent to not-for-profit developers who build or preserve affordable housing in the District. Bowser announced the new fund, named in honor of the late Oramenta Newsome, on April 18, with $1 million from the Department of Housing and Community Development (DHCD) and $1 million from DCHFA.
The NCRC funds, pledged in a Memorandum of Understanding signed May 14, 2018, by NCRC and DCHFA, will be lent to not-for-profit developers who build or preserve affordable housing in the District. DCHFA also pledged up to $1 million in lending under the memorandum. NCRC’s Community Development Financial Institution (CDFI) and DCHFA will collaborate to identify affordable housing projects to support with loans.
NCRC, a national nonprofit organization headquartered in the District, promotes access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America’s working families.
“We are pleased to be following through on our commitment to the District to preserve and build affordable housing,” said John Taylor, President and Founder of NCRC. “We believe the District is a great place to live and that it clearly needs more affordable housing options to maintain a strong, diverse, multicultural economy.”
“This commitment, along with the city’s prior commitment of $2 million to a predevelopment loan fund, provides financing that is very difficult to obtain from banks and other traditional financing sources.
“We are impressed with Mayor Bowser’s commitment to affordable housing and in particular to nonprofit developers seeking to preserve affordable housing in Washington, DC. NCRC is fully committed to this as well. We expect many of NCRC’s own members in the District will participate in the work of this fund and NCRC is pleased to support both the city and our members in preserving affordable housing here.
“This kind of mission-focused, public-private partnership is a credit to the leaders involved, particularly the mayor, DCHFA executive director Todd Lee and Polly Donaldson, director of the DC Department of Housing and Community Development.”
The National Community Reinvestment Coalition and its grassroots member organizations create opportunities for people to build wealth. NCRC works with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business. More: www.ncrc.org
The District of Columbia Housing Finance Agency was established in 1979 to stimulate and expand homeownership and rental housing opportunities in Washington, D.C. More: www.dchfa.org