DCHFA Embarks on its Largest 2024 Affordable Housing Investment with Edgewood Commons V Initiative
In a significant advancement for affordable housing in Washington, DC, the District of Columbia Housing Finance Agency (DCHFA) initiated its first investment of FY 2024 by channeling a substantial $59.6 million towards tax-exempt bonds issuance. This strategic financial action was further bolstered by the underwriting of federal equity worth $44.8 million and an additional $8.8 million in D.C. Low Income Housing Tax Credit equity, dedicated to the development of Edgewood Commons V Apartments situated at 435 Edgewood St NE. This new venture in Ward 5 will create a welcoming community for seniors, offering 151 apartment units designed with their needs in mind.
Christopher E. Donald, the Executive Director/CEO of DCHFA, expressed his pride in the continued collaboration with Enterprise Community Development, emphasizing the importance of expanding the Edgewood Commons campus. He highlighted the Agency’s commitment to increasing the availability of affordable rental units for seniors in Ward 5. “DCHFA is proud to continue its partnership with Enterprise Community Development in expanding the Edgewood Commons campus and increasing the number of affordable rental housing units in Ward 5, specifically much-needed apartments for seniors,” stated Donald.
Key to this initiative is the focus on financial sustainability and community support. Previously in August 2023, the Agency invested $54.7 million in tax-exempt bonds for the rehabilitation process of existing structures within Edgewood Commons. The Edgewood Commons V Apartments (ECVA) project, costing an estimated $123 million, will consist of a nine-story high-rise building with diverse unit allocations including efficiencies, one-bedroom, and two-bedroom options, strictly serving senior residents aged 62 and over who earn at most 30 to 50 percent of the area median income (AMI).
Unit affordability is strategically structured, with a significant concentration—96 units—reserved for seniors earning 30 percent AMI or less. Of these, 56 units are supplemented via the Local Rent Supplemental Program, while 16 will function as permanent supportive housing units. The integration of the Rental Assistance Demonstrations (RAD) for Project Rental Assistance Contract (PRAC) furthers the affordability aspect, encompassing both the 30 percent and 50 percent AMI brackets.
Attention to detail in design is a notable aspect of the ECVA, with each unit featuring universal design elements conducive to safe, long-term occupancy for senior residents. This planning extends to fully accessible units, bathroom setups designed for direct bedroom access, and safety additions such as pull-cords and grab bars. Adding to the comprehensive care infrastructure is the inclusion of a 6,500 square foot adult day care facility operated by Easterseals, set to provide a range of vital services from clinical care to supervision and activities for adults, seniors, and veterans.
Fundamentally, DCHFA continues its mission to augment affordable housing through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, which robustly support the acquisition, construction, and rehabilitation of such rental housing options in the District through tax-exempt mortgage revenue bonds. Their offerings of low-cost financing alternatives to developers underscore the Agency’s pivotal role in fostering inclusive communities and stimulating the growth of affordable rental housing within the city’s fabric.