WASHINGTON, D.C. — Enterprise Community Development Inc. has received an undisclosed amount of financing for development of Edgewood Commons V, a 151-unit affordable seniors housing community in Northeast Washington, D.C.
The development is part of the larger Edgewood Commons development, which will feature nearly 800 affordable housing units.
Edgewood Commons V will feature 11 studios, 135 one-bedroom and five two-bedroom apartments. Of those, 96 apartments will be available for residents earning up to 30 percent of the area median income (AMI), 54 apartments will be available for residents earning up to 50 percent AMI, and one apartment will be available for short-term stays by visitors of residents.
The community is designed to meet Enterprise’s Green Communities standards. In addition, the building will feature 18,000 square feet dedicated to services and amenities.
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 D.C. Low-Income Housing Tax Credits, tax-exempt bonds and District of Columbia gap financing.
Construction is scheduled for completion in the third quarter of 2025.