601 Edgewood Street, NE
Washington, DC 20017
Moderate Rehab; Multifamily
Mid Rise (1) Garden (6)
Edgewood Commons I contains 292 apartments, and is made up of a mid-rise building and six garden apartment buildings, containing efficiency and one-, two-, three- and four-bedroom apartments.
Edgewood Commons I (formerly, Edgewood Terrace I) was initially purchased and renovated in 1995. Enterprise Community Development (formerly Community Preservation Development Corporation) is in the midst of a five-year recapitalization and renovation process for the entire Edgewood campus. Enterprise Community Development (ECD) closed on the recapitalization for Edgewood I in November 2014 and began renovations in 2015. The substantial remodeling includes both interior and exterior upgrades and new outdoor amenities such as water features, a community garden, outdoor assembly areas and a fitness trail.
For the current redevelopment of Edgewood I, ECD assembled a sophisticated, multi-layered financing package that included:
- $21,570,000 in tax exempt bonds via the D.C. Housing Finance Agency
- $9,300,000 in tax credit equity from Enterprise Community Investment
- $31,696,300 in HUD 221(d)(4) financing via RED Mortgage Capital
The financing structure provides for 70 percent of the units to be Low-Income Housing Tax Credit (LIHTC) eligible and 30 percent of the units to be restricted to households below 80 percent of area median income (AMI) by a HUD Up Front Grant.
ECD maintained its commitment to the residents by executing a 20-year renewal of the HUD HAP contract preserving 114 units that serve households with very low income (defined as below 50 percent of AMI).
As part of the redevelopment, ECD is undertaking a major repositioning of all of the properties on the Edgewood campus by rebranding them collectively as Edgewood Commons and adopting new marketing and customer service initiatives.
Mixed-income and mixed-use community Regulatory Restrictions:
70 percent LIHTC (60 percent AMI or below)
30 percent at 60-80 percent AMI
Type / # Units / Density
EFF / 20
1 BR / 81
2 BR / 76
3 BR / 59
4 BR / 56
16 acre campus
Senior and Youth Programs
Day Care Center (Infants/Preschool)
Community Garden and other outdoor amenities