DCHFA Launches $123M Senior Housing Initiative with Edgewood Commons V Development
In a significant stride toward addressing the needs of senior residents in Washington, D.C., the District of Columbia Housing Finance Agency (DCHFA) has proudly announced the closing of its first affordable housing investment for FY 2024. A commendable $59.6 million in tax-exempt bonds has been issued, with an additional $44.8 million and $8.8 million in federal and D.C. Low Income Housing Tax Credit equity, respectively, underwritten to fund the construction of the Edgewood Commons V Apartments at 435 Edgewood St NE. This latest project in Ward 5 is expected to enrich the community by providing 151 much-needed apartments for seniors.
This marks a continuation of thoughtful community investment by the agency, having previously infused $54.7 million in tax-exempt bonds for the rehabilitation of Edgewood 611 and Edgewood Gardens Apartments — both integral parts of the same Edgewood Commons initiative. The new Edgewood Commons V will encompass a nine-story, $123 million high-rise, featuring a mix of efficiency and one- to two-bedroom units, designed exclusively for senior residents aged 62 and above with incomes at or below 30% and 50% of the area median income (AMI).
Christopher E. Donald, Executive Director/CEO, DCHFA, expressed his enthusiasm for this development, stating, “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.”
Innovation in housing solutions is not merely in financial figures but also in the thoughtful incorporation of features that cater to the specific needs of residents. Edgewood Commons V will showcase universal design elements aimed at preventing falls and enabling seniors to age in place comfortably. Fully accessible units, direct bathroom access from bedrooms, and the inclusion of pull-cords and grab bars are just a few of the physical attributes that signify a true understanding of resident well-being.
Furthermore, an integrated 6,500-square-foot adult day care operated by Easterseals will serve as a supportive amenity. Easterseals’ dedication to providing comprehensive daily care and activities for adults, seniors, and veterans will form a cornerstone of the community-centric approach at Edgewood Commons V.
The funding structure for this new senior community also demonstrates DCHFA’s commitment to accessibility and affordability. A considerable loan from the DC Department of Housing and Community Development’s Housing Production Trust Fund has been included in the financing package, further reinforcing the supportive network facilitating this project.
Through endeavors such as the Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA exemplifies its dedication to reducing development costs and supporting the new construction and rehabilitation of affordable rental housing. By offering low-cost financing solutions to developers, the agency continuously contributes to the sustainable growth of affordable housing in the District, reflecting a vital aspect of thoughtful leadership and community development.