Edgewood Terrace Phase I
The Vantage and The Parke

501, 515, 525, 601, 615, 625
Edgewood Street, NE
Washington, DC

Edgewood Terrace I contains 292 apartments, and is made up of a mid-rise building and five garden apartment buildings, containing efficiency and one, two, three and four-bedroom apartments.

To redevelop Edgewood Terrace I, CPDC assembled a sophisticated, multi-layered financing package that maximized participation by private financial institutions through leveraging an Upfront Grant from HUD. Wachovia Bank provided the first mortgage. The project was also awarded a forgivable loan for rehabilitation from the Affordable Housing Program (AHP) of the Federal Home Loan Bank of Atlanta. The District of Columbia also provided support through a low-interest loan as well as a Capital Grant from the Department of Housing and Community Development (DHCD).

The large public investment in the redevelopment of Edgewood I has enabled CPDC to create a truly mixed income community. 114 of the units are reserved for households with very low income (defined as 50% of the area median income), while the remaining 178 units are leased at market-rate rents without rental subsidy to families with incomes up to 80 and 115 percent of median income.

Edgewood I was the first wired affordable housing community, as well as the first Neighborhood Network Center, in the country.

In conjunction with the rehabilitation of the apartments, CPDC created some 40,000 square feet of common space for its complement of community development programs. Today, this space is alive with five computer classrooms operating many hours of the day and night, a career and education assessment and resource center, youth recreation, tutoring, educational, and leadership development areas, as well as an assortment of meeting and counseling rooms.

In a space recently built out with the support of DC DHCD, an infant and toddler center and a cutting-edge music technology center and recording studio now thrive.

Click here to view additional photos of this CPDC project.