Enterprise Community Partners Opens $123M Edgewood Commons 435 Senior Housing in Northeast D.C.

Washington, D.C. – Enterprise Community Development, part of Enterprise Community Partners, held the grand opening of Edgewood Commons 435, a $123 million affordable senior housing community at 435 Edgewood St. NE in Northeast Washington, D.C. The nine-story development brings 151 apartments for residents age 62 and older, with Capital One providing significant financing and Enterprise Residential serving as property manager.

Ward 5 Councilman Zachary Parker, representatives from Mayor Muriel Bowser's office and other local leaders and partners joined Enterprise Community Development at the celebration, the organization announced.

Edgewood Commons 435 Marks Two Milestones for Enterprise and LIHTC

The grand opening coincides with two milestones: 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."

Affordable Senior Housing Designed Around an "Aging in Community" Model

The development was designed around an "Aging in Community" model that prioritizes older residents' safety, comfort and independence as they age in their homes. The building includes 11 studios, 135 one-bedroom units and five two-bedroom units for residents 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), serving residents with some of the greatest financial needs.

Every apartment incorporates grab bars, emergency fall pendants and broadband infrastructure for easier telehealth access. The property 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. The building is a nine-story structure without a garage.

Edgewood Commons 435 achieved an Enterprise Green Communities Plus certification for its support of residents' health, climate resilience and energy efficiency. It also earned U.S. Department of Energy Efficient New Homes and U.S. Environmental Protection Agency Indoor AirPlus certifications.

Capital One and Public Partners Anchor the $123M Capital Stack

The $123 million development was financed through a combination of public, private and philanthropic resources. These include 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.

The financing package included $59.6 million in tax-exempt bonds, $44.8 million in federal LIHTC equity, $8.8 million in D.C. LIHTC equity and a $26.5 million Housing Production Trust Fund loan. Capital One Bank provided more than $50 million in LIHTC equity and a $9.6 million agency finance loan.

"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."

At the stated development cost, the project represents roughly $815,000 per apartment.

Development Team and Community Partners

Wiencek + Associates served as the project's architect, Wiles Mensch as engineer and Bozzuto as general contractor. Luke Patton served as real estate development manager, and Enterprise Residential is the property manager.

Enterprise Community Development's partnerships with organizations such as Beacon House and the Ward 5 Violence Prevention Network also played a role in the development and in supporting residents and the broader 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."

Market Context: Layered Financing for Deeply Affordable Senior Units

Edgewood Commons 435 arrives as affordable housing developers contend with elevated construction costs, limited subsidy resources and strong demand for deeply affordable senior units. The project's financing illustrates how new affordable development increasingly relies on combining tax-exempt bonds, federal and local LIHTC equity, public gap financing, HUD programs and private lending rather than a single source of capital.

The building also expands the Edgewood Commons campus in the Edgewood/Brookland area, where Enterprise has invested for decades. With its age restriction, rental subsidies and on-site adult day care, the property is structured as a service-enriched senior community rather than conventional multifamily housing.

Sources

Enterprise Community Partners press release: https://www.enterprisecommunity.org/news/dc-officials-and-local-leaders-join-enterprise-community-development-grand-opening-edgewood