DCHFA Launches Fiscal Year with $59.6 Million Bond Issue for Senior Affordable Housing Project
The District of Columbia Housing Finance Agency (DCHFA) heralds the new fiscal year with a robust start in its mission to address affordable housing needs. With the issuance of $59.6 million in tax-exempt bonds and the underwriting of substantial Low Income Housing Tax Credit equity, totaling $53.6 million, DCHFA sets a promising pace for impactful investments in the community. The funds are earmarked for the construction of Edgewood Commons V Apartments, focusing on a demographic often underserved in urban housing markets: seniors.
The new development aims to bolster affordable living options for Ward 5’s elder residents, offering 151 apartments firmly within financial reach for most seniors. A multifaceted financial package, which includes a significant loan from DC’s Housing Production Trust Fund, orchestrates this initiative, more than just a testament to fiscal strategy but one to DCHFA’s unwavering commitment to community empowerment through housing.
Reflecting on this milestone, Christopher E. Donald, Executive Director/CEO of DCHFA, stated, “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.”
The detail in the planning of Edgewood Commons V Apartments—or ECVA—reveals a discerning eye for the requisites of this community. With foundations lain in inclusivity, ninety-six units are particularly accessible to residents earning at most 30 percent of the Area Median Income (AMI), and an additional 10 units cater to those at the 50 percent AMI threshold. Beyond just affordability, the units are designed with universal design features to promote ‘aging in place,’ and the community benefits extend to include an adult day care for holistic care provision.
DCHFA’s ability to act as a catalyst for development through innovative financing methods, like tax-exempt mortgage revenue bonds, delineates a template for delivering affordable rental housing effectively. By lowering capital costs for developers—a blend of private and non-profit entities—it facilitates ventures that might otherwise stall before fruition.
As we navigate an era where demographic trends converge on aging populations and urban housing scarcities, interventions such as Edgewood Commons V are not only essential—they are harbingers of a future where dignified living in one’s golden years is attainable. DCHFA’s actions are a resonant declaration that there is momentum in attacking the challenges of housing affordability, and that there is expertise, strategy, and compassion stitched into the tapestry of the multifamily apartment industry.