Washington, D.C., Aug. 10, 2023 (GLOBE NEWSWIRE) -- . – On August 1, 2023, the District of Columbia Housing Finance Agency (DCHFA) issued $54.7 million in tax exempt bonds for the financing of 300 units of affordable housing located at Edgewood 611 NE(Edgewood 611) and Edgewood 401,415-425 NE(Edgewood Gardens), Washington D.C. 20017 in Ward 5. DCHFA underwrote $39.8 million in federal and $7.15 million in D.C. Low Income Housing Tax Credit equity for the renovation of Edgewood 611 and Edgewood Gardens Apartments. The buildings are components of the Edgewood Commons residential campus owned by Enterprise Community Development Inc. (ECD). “Enterprise is one of DCHFA’s longstanding and valuable partners in providing affordable housing, stated Christopher E. Donald, Executive Director/CEO, DCHFA. The agency’s investment in the rehabilitation of Edgewood 611 and Edgewood Gardens Apartments is an investment that ensures that the current and future residents will have beautiful and healthy housing at rates that are aligned with their incomes.”
Edgewood 611 Apartments is an 11-story high-rise building with 258 units, that consists of 197 one-bedroom and 61 two-bedroom apartments. Since it was constructed in 1973, Edgewood 611 was renovated in 2002. The property has a 20-year project-based Housing Assistance Payment contract that provides rental assistance to 103 households (94 one-bedrooms and nine two-bedrooms). Edgewood Gardens consists of three garden style (three-story) buildings adjacent to Edgewood 611 Apartments. Edgewood Gardens includes 42 two-bedroom units built in 1973 and renovated in 2000. ECD has owned Edgewood Gardens since 1999.The two buildings combined consist of 300 units. Eighty-eight of those units will be restricted to residents earning 30 percent of the area median income (AMI) or less, 155 units will be restricted to residents earning 60 percent AMI or less, and 57 units will be restricted to tenants earning 80 percent of AMI or less.
The total development cost to renovate both Edgewood 611 and Edgewood Gardens is $117 million. All renovation work will meet the 2020 Enterprise Green Communities Criteria. The extensive scope of work includes exterior landscaping, new kitchen appliances and cabinets as well as new HVAC systems and plumbing. The renovations are anticipated to take approximately 24 months for Edgewood 611 and five months for Edgewood Gardens. The renovations of both buildings will happen concurrently and will start construction at the same time. ECD is planning for on-site hospitality units, as well as using available and comparable units on the Edgewood Commons campus to keep residents onsite and minimize displacement. Community Impact Strategies (CIS), the resident services arm of Enterprise Community Development (ECD), will design and provide services for the residents of Edgewood 611 and Edgewood Gardens.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.
The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for more than 40 years. The Agency’s mission is to advance the District of Columbia’s housing priorities; the Agency invests in affordable housing and neighborhood development, which provides
pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration *Innovation
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