DCHFA Invests in Edgewood Commons V to Address Senior Housing Affordability

The District of Columbia Housing Finance Agency (DCHFA) has marked a significant milestone in the advancing of affordable housing within the region. With the closure of an impactful investment at the onset of FY 2024, the organization underscores its ongoing commitment to addressing the essential needs of seniors in Ward 5 through the Edgewood Commons V Apartments initiative.

This new community, located at 435 Edgewood St NE, is set to be a beacon of hope for older adults seeking affordable living options. Thanks to the issuance of $59.6 million in tax-exempt bonds, along with $44.8 million in federal, and $8.8 million in D.C. tax credit equity for its construction, the project is well on its way to becoming a reality. The senior community will offer 151 apartments, specifically designed with the needs of seniors in mind, emphasizing both affordability and accessibility.

Christopher E. Donald, the Executive Director and CEO of DCHFA, expressed his pride in the partnership with Enterprise Community Development that facilitates the creation of these much-needed homes, 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.”

Edgewood Commons V is envisioned as a nine-story, $123 million high-rise comprised of 11 efficiency, 135 one-bedroom, and five two-bedroom units. Prioritizing inclusivity, the project will restrict occupancy to residents aged 62 and older, who earn either 30 percent or 50 percent of the area median income (AMI) or less. This strategic targeting demonstrates DCHFA’s acute awareness of the financial realities faced by the District’s senior population and its dedication to equitable housing solutions.

The investment follows the Agency’s August 2023 allocation of $54.7 million in tax-exempt bonds towards the rehabilitation of other components of the Edgewood Commons. These continuous efforts exhibit the invaluable role that DCHFA plays through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions in fostering the growth of affordable rental housing.

The fusion of financing tools such as the $26.5 million loan from the DC Department of Housing and Community Development’s Housing Production Trust Fund further solidifies the collaborative approach necessary for projects of this magnitude.

By focusing on detailed features like universal design to prevent falls, fully accessible units, and direct bathroom access from bedrooms, the Edgewood Commons V Apartments are setting a new standard for senior living. The inclusion of an on-site adult daycare operated by Easterseals highlights the personalized and comprehensive approach to senior wellness and community building.

As a thought leader in the multifamily industry, Multifamily Leadership recognizes the transformational impact of such projects. DCHFA’s robust financial frameworks and strategic partnerships serve as a critical roadmap for the multifamily sector, integrating housing affordability with the well-being and dignity of seniors. With each stride, we see how innovation and collaboration pave the way towards creating vibrant, inclusive communities where all have the opportunity to thrive.