D.C. Officials and Local Leaders Join Enterprise Community Development for Grand Opening of Edgewood Commons 435, Bringing 151 Affordable Homes to Seniors in the District

Washington, D.C. - Today, Ward 5 Councilman Zachary Parker, representatives from Mayor Muriel Bowser's office and other local leaders and partners joined Enterprise Community Development to celebrate the grand opening of Edgewood Commons 435, a $123 million affordable senior housing community in Northeast Washington, D.C.

The development, which is bringing 151 new apartment homes to residents in the area, was designed based on an "Aging in Community" model that prioritizes older residents' safety, comfort and independence as they age in their homes. The building offers high-quality studio, one- and two-bedroom apartments for residents 62 years and older earning up to 50% of the area median income (AMI). Ninety-six of the apartments are supported by additional rental subsidies through HUD's Section 202 Project Rental Assistance Contract (PRAC), the Local Rent Supplement Program (LRSP) and Permanent Supportive Housing (PSH) to serve residents with some of the greatest financial needs.

Today's grand opening also marks two significant milestones for Enterprise Community Development and the affordable housing industry: Enterprise's 3,000th Low-Income Housing Tax Credit (LIHTC) investment and the 40th anniversary of the LIHTC program.

"With the support of our partners, Enterprise Community Development has made 3,000 Low-Income Housing Tax Credit investments, helping to create or preserve affordable homes for more than half a million people," said Lori Chatman, president of Capital at Enterprise Community Partners. "Edgewood Commons 435 is part of that legacy. It will give D.C. seniors an affordable home in the neighborhood they helped build, alongside services and community spaces that will support their health, independence and well-being. As LIHTC marks its 40th anniversary, this community demonstrates why it remains the nation's most effective tool for creating affordable rental housing."

The $123 million development was made possible through a combination of public, private and philanthropic resources, including significant financial support from Capital One Bank, 4% Low-Income Housing Tax Credit equity, tax-exempt bonds through the D.C. Housing Finance Agency, support from the D.C. Department of Housing and Community Development and the D.C. Housing Production Trust Fund, and HUD Section 202 financing and rental assistance.

"As a company that proudly calls the Greater Washington region home, Capital One is thrilled to see Edgewood Commons 435 open its doors," said Stephanie Pierre-Louis, director and head of the Mid-Atlantic Region, Community Finance at Capital One. "Affordable housing is the cornerstone of economic opportunity, and it is essential that our longtime senior neighbors have the resources, support, and stability they deserve. By providing more than $50 million in LIHTC equity and a $9.6 million agency finance loan, we are proud to stand shoulder-to-shoulder with Enterprise Community Development, the District, HUD, and Easterseals to deliver 151 homes where D.C. seniors can truly thrive."

Enterprise Community Development's community partnerships with organizations like Beacon House and Ward 5 Violence Prevention Network have also played an important role in Edgewood's development and supporting residents and the greater Edgewood neighborhood.

"Enterprise Community Development has been investing in the Edgewood community for several decades now alongside loyal nonprofit partners and community leaders, and Edgewood Commons 435 represents another important chapter in that collaborative commitment to affordable housing and well-being," said Janine Lind, president, Enterprise Community Development. "We are proud to work with partnering organizations to provide 151 new affordable homes where older adults can maintain their independence, remain connected to their community and have access to the resources and support they need to thrive."

In honoring Enterprise Community Development's mission of supporting senior residents and their needs, every Edgewood apartment incorporates grab bars, emergency fall pendants and broadband infrastructure for easier telehealth access. The development also includes a 6,600-square-foot adult day care facility, approximately 13,000 square feet of amenity space, and an on-site fitness center.

Edgewood's design model also reflects Enterprise Community Development's commitment to sustainable, energy-efficient housing. Edgewood Commons 435 achieved an Enterprise Green Communities Plus certification for its support of residents' health, climate resilience and energy efficiency. The property also earned U.S. Department of Energy Efficient New Homes and U.S. Environmental Protection Agency Indoor AirPlus certifications.

Enterprise Community Development worked with a robust team of innovators and community housing experts to bring the Edgewood Commons 435 property to life. Wiencek + Associates served as the project's architect, Wiles Mensch as engineer, Bozzuto as general contractor, Luke Patton as real estate development manager and Enterprise Residential as property manager.