DC Affordable Housing Complex Secures $189M in Financing
By Keith Loria December 7, 2023 11:00 am
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Enterprise Community Development has secured $123 million in permanent funding sources plus an additional $65.9 million in construction-only funding for Edgewood Commons V, a 151-unit affordable housing complex in Northeast Washington, D.C.
The funding comes from an alphabet soup of federal and local sources: Department of Housing and Urban Development 202 Capital Advance funds, a Federal Housing Administration-insured 221(d)4 mortgage, equity generated through the sale of federal and D.C. Low-Income Housing Tax Credits, tax-exempt bonds, and District of Columbia gap financing. No other financing details were disclosed.
The financing comes on the heels of Enterprise securing $121 million in August to preserve the first four buildings at the Edgewood Commons campus. Combined, the entire campus will offer approximately 800 units.
Located at 435 Edgewood Street NE, Edgewood V will consist of 11 studios, 135 one-bedroom apartments and five two-bedroom apartments. Of those, 96 will be available for residents earning up to 30 percent of the area median income (AMI), and 54 will be reserved for residents earning up to 50 percent. The current AMI for Ward 5 is $91,189 for a household of four.
Additionally, the building will feature a fitness room, a library, a large café with an outdoor terrace, a community room, on-site laundry, plus lounges and balconies on every floor. There will also be a suite for resident services and medical practitioners.
“This community is an essential component of our ongoing efforts to build and preserve affordable housing and support our senior community in the Edgewood neighborhood,” Christine Madigan, interim president of Enterprise Community Development, said in a statement. “This unique development is at the heart of Enterprise’s mission to make home and community places of pride, power and belonging.”
The Edgewood Commons V site is adjacent to the Metropolitan Branch Trail and pedestrian bridge, with direct access to the Rhode Island Avenue Metro station.
Construction is projected to be finished in the third quarter of 2025.
Keith Loria can be reached at Kloria@commercialobserver.com.
