Wheeler Terrace Tenant Association Resident Partner
Living with Us
Edgewood Management Corp 202.561.7500
Project Description
Wheeler Terrace is a 7-building, 113-unit garden-apartment community in Southeast Washington, DC (Ward 8). Originally built as Veterans' Housing in 1947, the property dramatically declined, becoming one of DC's crime "Hot Spots". In 2006, the Wheeler Tenant Association exercised its right to purchase the property under DC law and elected to transfer its ownership and development rights to CPDC. CPDC acquired the property in November 2007 to redevelop it and preserve it as affordable housing. The project is producing 116 units, all of which will be affordable to households earning at or below 60% of the area median income. Additionally, 97% of the units will remain as Section 8 under a renewed 20-year contract.
Green Redevelopment Plan
Wheeler Terrace will be the first affordable housing community in DC to simultaneously meet the "Green Communities standards by Enterprise Community Partners and obtain LEED Silver Certification from the U.S. Green Building Council. Features of the $33 million development project include:
- Geothermal heat pump
- Upgraded infrastructure and sewage systems
- New clean air system
- Energy-efficient white roofs and a demonstration green roof
- Stormwater Sand Filter System
- Extensive interior renovations, including upgraded bathrooms and kitchens with energy-efficient appliances
- Four new 3-bedroom units
- Outdoor tot-lots
- Green Opportunities (GO) Center with interactive Green Education exhibits and community space
- Community Development Programs, including an urban gardening program; a major initiative at Wheeler Terrace will be to educate and engage residents in the benefits of living green
Project Status
Preparing for Construction Closing The permanent closing and start of construction for the $33 million project is anticipated for summer 2008. The permanent financing will include tax-exempt bonds issued by the DC Housing Finance Agency and purchased by Union Bank of California, along with 4% low income housing tax credits and funding from the DC Department of Housing and Community Development's Housing Production Trust Fund. PNC Bank has committed to providing the tax credit equity. Additional project resources include in-kind technical support provided by the DC-based non-profit, GreenHOME, and a $1 million HUD Healthy Homes Grant to study the positive impact of creating healthy housing conditions for residents in low-income housing communities.
~ Mark James -May 1, 2008Acquisition The acquisition and pre-development phase of the project was financed through a $4 million loan from Enterprise Community Partners and City First Bank, which included low-interest funds from the DC Site Acquisition Fund Initiative (SAFI), as well as a $1.4 million loan from the Housing Partnership Fund, Inc. (Boston, MA). In addition, Enterprise Community Partners provided a $50,000 grant to CPDC for green design and planning expenses, as well as a $25,000 grant to the WTA for organization development.
