Capital Impact Partners, a nonprofit based in Arlington, Virginia, has started a $20 million fund and grant program to improve emerging real estate developers of color in the District.
Diane Borradaile, Capital Impact Partners’ chief lending officer stated that the initiative that brings developers of color to the real estate development table, where they haven’t really been a critical piece of what happens in terms of the built environment in the DMV.
The initiative, called the Diversity in Development DMV Loan Fund, is directed at projects that will create affordable housing and community facilities in the District.
Two community development projects have already been approved. The first is Sheriff Road Housing, Office Space & Grocery in the District’s Ward 7. In that deal, Thomas Houston and Talayah Jackson of the nonprofit Medici Road received a nearly $1 million loan to acquire a vacant lot in the Deanwood neighborhood in Ward 7 to develop a 17,000 Sq Ft. building containing 12 affordable housing condo units, retail, and office space.
The second project approved for funding is the Alabama Avenue Apartments, a proposed three-story, an 86-unit affordable housing community in Ward 8, led by Durrani Development Corporation, whose principal, Mustafa Durrani, came to the U.S. as a political refugee at the age of 3 and grew up in Northern Virginia.
Capital Impact is providing a $2.475 million purchase loan and a $900,000 predevelopment loan for the project.