Edgewood Terrace, Phase IV
The Vista

611 Edgewood Street, NE
Washington, DC

Edgewood Terrace IV was the final phase of CPDC's redevelopment of Edgewood Terrace. This 258-unit high-rise building was originally purchased by CPDC in June 2001 through a bridge loan from the DC Department of Housing and Community Development (DHCD). The loan was repaid when CPDC closed on the permanent, and construction financing on January 31, 2002.

The permanent financing includes both private- and public-sector resources. The project received an allocation of 9% Low Income Housing Tax Credits through DHCD and subsequent tax credit investor equity from M&T Bank. The first mortgage was provided by Reilly Mortgage and insured under the FHA Section 221(d)4 program; a portion of this mortgage is supported by the Interest Reduction Payments received under the Section 236 Decoupling. The Section 236 Decoupling preserves the IRP subsidy provided under the original financing.

Edgewood IV preserves valuable HUD subsidies, including Project-Based Section 8, while broadening the mixed income nature of the community. Original tenants were protected via affordability vouchers, provided by the DC Housing Authority.

The required rehabilitation completed at Edgewood IV was less extensive than the other phases of Edgewood Terrace, but included replacement and upgrades of the building's major systems, and renovation of unit interiors. The property is wired to provide intranet and broadband Internet services complete with access to numerous software programs.

Residents may utilize the community space located in the building, the daycare center, and the numerous community programs and services provided throughout Edgewood Terrace, such as youth recreation, tutoring, educational, and leadership development areas, as well as an assortment of meeting and counseling rooms .

Click here to view additional photos of this CPDC project.