Edgewood Commons V
Update
12/05/23
Enterprise Community Development Closes on Financing for Edgewood Commons V, Affordable Senior Housing in NE Washington, D.C.
Enterprise Community Development, Inc. has closed on financing for Edgewood Commons V, consisting of nearly 800 affordable homes and part of the larger Edgewood Commons campus located in Northeast Washington, D.C. As the Edgewood neighborhood continues to develop, Enterprise Community Development is committed to preserving existing affordable housing and creating new affordable housing opportunities for residents of the area, including seniors so they can continue to age in place.
Located at 435 Edgewood Street, NE, Washington, DC 20017, Edgewood V will feature 11 studios, 135 one-bedroom and 5 two-bedroom apartments. Of those, 96 apartments will be available for residents earning up to 30% of the area median income (AMI), 54 apartments will be available for residents earning up to 50% AMI, and one apartment will be available for short-term stays by visitors of residents.
"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," said Christine Madigan, Interim President, Enterprise Community Development. “This unique development is at the heart of Enterprise’s mission to make home and community places of pride, power and belonging. Edgewood V will feature many amenities and services to meet the needs of all residents, especially those who are aging, so they can continue to live independently in their community.”
The design of Edgewood V incorporates features that will extend the time that elderly residents with varying levels of health needs can live independently. All apartments will feature an accessibility-focused design. The community will meet Enterprise’s Green Communities standards.
In addition, the building will feature 18,000 square feet dedicated to services and amenities including a fitness room to support physical activity, a library, a large café with an outdoor terrace, a spacious and inviting multi-purpose community room with a separate outdoor terrace, an indoor bike room, on-site laundry, lounges and balconies on every floor and program space for partners focused on connecting residents to transportation, nutrition and wellness programming, and social activities. There also is a suite for resident service coordination, case management, and medical practitioners.
Located in Washington, DC’s Ward 5, the Edgewood Commons V site is adjacent to the Metropolitan Branch Trail and pedestrian bridge, providing residents with direct access to the Rhode Island Avenue metro station, as well as nearby shopping centers, medical centers, and other public amenities.
Edgewood Commons V will be constructed utilizing HUD 202 Capital Advance funds, an FHA-insured 221(d)4 mortgage, equity generated through the sale of Federal and DC Low Income Housing Tax Credits, tax-exempt bonds and District of Columbia gap financing. One hundred and six units will receive federally and locally funded rental assistance (16 of which are reserved for permanent supportive housing).
Construction is estimated to be completed in the third quarter of 2025.
