Edgewood Terrace, Phase III
The View

635 Edgewood Street, NE
Washington, DC

In November 2001, CPDC purchased senior high-rise Edgewood Terrace III, from the District of Columbia Housing Authority, which had been operating it as public housing for very low-income seniors and disabled persons earning well below 30% of area median income. The high-rise contained 292 units, including 180 one-bedroom units and 112 efficiencies. However, the building had physically deteriorated to such a degree that a total gut rehab was necessary. CPDC's redevelopment plan called for reconfiguration of the apartments into 200 one-bedroom units and for the creation of 20,000 square feet of common and community program space.

The severity of the building's physical problems required CPDC to obtain support from an extraordinary variety of private and public funding sources. Private sector financing consisted of a letter of credit and tax credit equity from SunTrust Bank.

The public sector financing consisted of tax-exempt bonds issued by the District of Columbia Housing Finance Agency (DCHFA), which qualified the project to receive 4% Low Income Housing Tax Credits (LIHTC), as well as a HUD Section 202 Capital Grant, a Modernization Funds Loan from the District of Columbia Housing Authority (DCHA), a Community Development Block Grant (CDBG) loan from the District of Columbia Department of Housing and Community Development (DC DHCD), and a Federal Home Loan Bank Affordable Housing Program grant (FHLB/AHP).

One hundred and twenty-seven newly reconfigured units are subsidized with public housing operating subsidies, and the remaining 73 units are funded through the Section 202 Capital Advance Program. All of the units are affordable to residents earning up to 50% of median income.

Construction, which took place in 2 phases and allowed 60 units to remain occupied during the process, was completed in August 2003.

CPDC works to enable residents at Edgewood III to successfully age-in-place by providing programs and community space that specifically address the needs of the elderly. Residents will have access to community meeting rooms, a day spa, a dining promenade, an entertainment theater, health care and support center, a library, and an arts/crafts/fitness center.

Click here to view additional photos of this CPDC project.